Employees at Korean Memory Makers Rush to Spend Their Lavish Bonus Payouts
Luxury goods sales in South Korea have surged following substantial bonus payouts to employees at major memory manufacturers like SK Hynix and Samsung. Reports indicate that luxury jewelry sales increased by 150% and luxury watch sales rose by 85% in some areas. This trend is expected to continue as these workers, now part of a new middle class, have significant disposable income to spend.
- ▪Luxury goods sales in Gyeonggi Province saw a massive increase after memory workers received large bonuses.
- ▪Samsung Electronics Co. union members secured an average bonus of about $340,000 after threatening to strike.
- ▪Hyundai Department Stores reported a 32% increase in luxury goods sales nationwide last month.
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Luxury good sellers in South Korea's Gyeonggi Province, home to major tech companies, are reporting a massive increase in sales following huge bonus payouts for memory workers at SK Hynix and Samsung. Citing Chosun Daily, Tom's Hardware reports that luxury jewelry sales in some locations last month were up 150%, while luxury watch sales rose as much as 85%.While the world struggles to get enough NAND Flash chips to build anything, memory makers like Samsung, SK Hynix, and Micron are raking in the cash, and many employees are benefiting. After threatening to strike, for example, Samsung Electronics Co. union members secured an average bonus of about $340,000, Bloomberg reports.
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