Demand for luxury goods, particularly high-end Chinese-made smartwatches, is soaring among young North Koreans eager to show off their wealth. Business people peddling imported goods are capitalizing on this trend by aggressively marketing to North Korea’s youth, a source in North Pyongan province said recently.
Particularly popular among young North Koreans is the Huawei TalkBand B7, which has a detachable Bluetooth earpiece for calls.
Even in China, the product sells for twice as much as other smartwatches. In North Korea, demand for the watch is so high that it sells out despite costing a whopping 1,300 Chinese yuan, the source said.
“Importers are asking for more than 100 Huawei TalkBand B7s at a time,” he told Daily NK. “That’s how many people want to buy them.”
Although the luxury smartwatches have many features, North Koreans can only use them for basic phone calls, text messaging and timekeeping.
“It’s trendy to wear the watches to show how well you’re doing, even if you can’t use all the functions,” the source said. “So young people in their 20s and 30s are the ones who buy these watches.”
“Young people crave expensive items beyond their means because they have higher standards from watching movies from overseas,” he said.
Despite North Korea’s per capita Gross National Income (GNI) being just 1.59 million South Korean won—approximately 1/30th of South Korea’s—according to the Bank of Korea, young North Koreans are increasingly purchasing luxury goods to display their wealth.
Young North Koreans are expanding their appetite for tech accessories beyond smartwatches, with growing demand for wireless chargers, Bluetooth speakers, and other gadgets compatible with Chinese-made cell phones. The market for cell phone accessories like straps, cases, and cradles is also seeing a surge as more consumers seek to personalize their devices.
Some North Koreans are voicing concern over the growing trend of conspicuous consumption among youth. According to the source, there’s mounting criticism of a social atmosphere where people purchase luxury items solely for show, even when unnecessary. Critics point to a stark contrast emerging in society: while some struggle with food scarcity, others strain their finances to acquire expensive goods merely to follow trends.
The Daily NK works with a network of sources in North Korea, China, and elsewhere. For security reasons, their identities remain anonymous.
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October 10, 2024 at 12:30PM
by DailyNK(North Korean Media)