
Individuals go by a division retailer in Seoul, Jan. 2. Yonhap
Korea’s three main division retailer chains stated Tuesday their luxurious items gross sales continued to rise final 12 months on regular demand for premium merchandise regardless of an financial slowdown.
Luxurious items gross sales at Lotte, Shinsegae and Hyundai department shops sharply elevated throughout the 2020-2022 interval when folks have been engaged in „revenge spending,“ through which they made up for missed journey and procuring throughout the COVID-19 pandemic.
The tempo of gross sales development in luxurious items slowed in 2023 as shoppers spent extra on journey and different leisure experiences. However within the following 12 months, the three firms got here up with sturdy gross sales outcomes.
Luxurious gross sales at Lotte Division Retailer, the nation’s largest division retailer by gross sales, rose 5 p.c in 2024 from a 12 months earlier.
Shinsegae’s and Hyundai’s luxurious gross sales climbed 6.2 p.c and 11.7 p.c, respectively, over the identical interval.
The businesses didn’t present the worth of their luxurious items gross sales.
„Demand for luxurious items remained sturdy and regular final 12 months, although the gross sales development of luxurious gadgets was not as explosive as within the pandemic interval,“ an official at Hyundai Division Retailer informed Yonhap.
This 12 months, division retailer officers count on luxurious gross sales will probably be much less affected by excessive rates of interest and rising shopper costs, although they could weigh on shopper sentiment and the businesses‘ total gross sales. (Yonhap)