'Yoon Seok-yeol Watches' Flood the Secondhand Market
Prices Plunge 70 Percent in a Month as Popularity Drops
Disappointment Over the Ruling Reflected in Prices
"Yoon Seok-yeol watch, negotiation possible. I'll also give you a box of snacks."
This is a product sales announcement posted on a secondhand trading platform after former President Yoon Seok-yeol was impeached. The presidential watch, which would have been quite valuable during his tenure, is now being offered much cheaper than before, even with extras included. Since former President Yoon's impeachment, so-called 'Yoon Seok-yeol goods' have flooded the secondhand market, and prices have plummeted, creating an ironic scene seen in many places.
"Yoon Seok-yeol watch, negotiation possible. I'll give you a box of snacks together." After former President Yoon's impeachment, so-called 'Yoon Seok-yeol goods' have flooded the secondhand market, and prices have plummeted, creating an amusing scene in many places. Photo by Getty Images
According to Junggonara on the 10th, the search volume for the keyword 'Yoon Seok-yeol' on this platform surged by 165.35% on the 4th, the day the Constitutional Court delivered its presidential impeachment ruling, compared to the previous day. Especially, the search volume in the first week of April, when the ruling was announced, soared by as much as 3250% compared to the entire month of March. 'Yoon Seok-yeol' was the most searched word on Junggonara since March. This is based on an analysis of Junggonara data during the impeachment ruling week (March 31 to April 6).
So-called 'Yoon Seok-yeol goods,' including the 'Yoon Seok-yeol watch,' are being traded on major secondhand trading platforms such as Junggonara and Bungaejangter.
Product listings related to the keyword showed a similar trend. From last month until the 6th of this month, a total of 231 'Yoon Seok-yeol' related items were registered on Junggonara, averaging 6.4 listings per day. Notably, the number of listings on the 4th, the day of the ruling, doubled compared to the previous day, and the number of listings in the first week of April was four times higher than in March.
The top traded item was undoubtedly the 'Yoon Seok-yeol watch.' Other goods such as books, stamps, first-day covers, handkerchiefs, and Blue House commemorative gifts were also listed. Prices have sharply declined. On the ruling day, the average price of products related to the 'Yoon Seok-yeol' keyword was 127,500 KRW, a 70% drop compared to the highest average price of 429,800 KRW recorded on the 11th of last month. The lowest price in the past month was 88,500 KRW, recorded on the weekend of the 6th after the impeachment.
Similar phenomena have been observed on other platforms. According to Bungaejangter, the search volume for the keyword 'Yoon Seok-yeol watch' notably increased around the ruling day. The search volume for the three days from the ruling day to the weekend was 196% higher than the search volume from March 31 to April 3 before the ruling. An industry insider explained, "After the impeachment ruling, interest in products related to the keyword surged sharply, leading to an increase in both listings and transaction demand."
The volume and prices of presidential-related goods on secondhand trading platforms tend to move dramatically depending on the political situation. For example, the 'Yoon Seok-yeol watch,' which dropped to 50,000?60,000 KRW after the emergency martial law declaration on December 3 last year, later surged to 200,000?300,000 KRW as support base consolidation occurred. An industry insider said, "Secondhand trading platforms seem to be the space where public opinion and the public’s perception of the president are most immediately and sensitively reflected."
Professor Lee Eun-hee of Inha University’s Department of Consumer Studies said, "Before the impeachment ruling, political tension heightened and interest in related issues was concentrated, but after the ruling, public attention quickly shifted back to daily life. Especially, the temporarily heightened emotions through the consolidation of some support groups turned into disappointment, and this psychological shift manifested as a drop in goods prices."
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