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Fur product prices rise on growing demand in China

China's demand for all things fur has pushed up their prices by up to 15 percent in markets around the world.

China furEnlarge
(Feng Li/Getty Images)

SEOUL, South Korea — The prices of fur products for fall and winter of this year have sharply risen up to 30 percent from a year ago in South Korea due to increased demand for them in China, industry sources said Monday.

The sharp rise was attributable to growing demand for the fur products in China, the industry sources said.

Furthermore, China's demand for all things fur has pushed up their prices by an average of 10 percent to 15 percent in markets around the world, they said.

Despite the rise in prices of fur products, their sales are expected to grow 10 percent to 15 percent this year, the sources added.

Lotte Department Store, South Korea's largest department store chain, predicted that the growth in sales of fur products is forecast to reach about 15 percent.

"Regardless of the price hike, more Chinese tourists to South Korea are steadily buying fur products, and the anticipated severe cold weather in this winter and recovering consumer confidence may also pull up fur product sales with a double-digit growth," said an official at Lotte.

http://www.globalpost.com/dispatch/news/yonhap-news-agency/131020/fur-product-prices-rise-growing-demand-china