industry |
[서울=뉴스핌] Reporter Noh Yeon-kyung = Last month, department store luxury sales recorded a double-digit growth rate for the first time this year.
The growth of luxury goods in department stores has slowed down due to high prices and a decrease in domestic demand due to increased overseas travel, but it seems to have revived once more as the spring wedding season approaches.
| [서울=뉴스핌] Reporter Kim Min-ji = The appearance of luxury brands at department stores in downtown Seoul. 2022.01.18 kimkim@newspim.com |
According to the distribution industry on the 16th, sales of luxury goods at Lotte, Shinsegae and Hyundai Department Stores in March increased by an average of 10.1% from a year ago. Looking at each, Hyundai Department Store recorded the highest growth rate with 11.8%, followed by Lotte Department Store with 10% and Shinsegae Department Store with 8.6%.
It has been four months since last November (11.3%) that department store luxury goods sales recorded a double-digit increase. According to the sales trend of major retailers by the Ministry of Trade, Industry and Energy, the sales growth rate of famous overseas brands at the three department stores recorded ▲6% in December ▲ -7.2% in January ▲2.1% in February.
Department store luxury sales recorded a high growth rate of more than 30% until February of last year, but the growth rate slowed down sharply from September of last year when the number of air passengers began to recover.
Regarding the reason for the double-digit increase in sales of luxury goods in four months, an industry official said, “It is expected that the double-digit level is expected to recover as the demand for wedding gifts increases ahead of the wedding season and the desire to consume that has been endured due to high prices is partially relieved.”
In fact, in the case of Hyundai Department Store, which had the highest increase in luxury sales among the three department stores last March, it held a ‘wedding fair’ during that period. Hyundai Department Store held a wedding fair from February 24 to March 12, offering up to 10% gift certificates for purchases of 3 million won or more from luxury, watch, and jewelry brands.
Other department stores are also trying to catch the demand for gifts that will boost sales of luxury goods. Lotte Department Store offers 10% wedding mileage and a special package for newlyweds through the ‘Wedding Fair’, which runs until the 16th.
If you purchase more than 15 million won during the wedding fair period, you will receive a Lotte Department Store VIP level ‘Avenuel Orange’ lounge pass and an Avenuel exclusive parking lot valet parking pass.
An official from Lotte Department Store said, “Although we have entered the era of three highs (high interest rates, high prices, and high exchange rates), the trend of ‘price ratio (price-to-price ratio)’ continues in the wedding market to prepare a proper premium marriage ceremony once purchased.” Sales of premium products, including luxury gifts and imported furniture of wedding membership members, increased by more than 30%.”
Shinsegae Department Store does not hold a separate webping fair, but offers up to 7% gift certificates when purchasing gifts from 20 luxury watch jewelry brands such as Jaeger-LeCoultre, Omega, and Hublot until the 16th.
yknoh@newspim.com
