industry | 2023.04.16 07:39
[서울=뉴스핌] Reporter Noh Yeon-kyung = Last month, luxury department store sales recorded a double-digit growth rate for the first time this year.
Luxury goods growth in department stores has slowed due to high prices and a drop in domestic demand due to increased overseas travel, but appears to have revived again as the spring wedding season approaches.
| [서울=뉴스핌] Reporter Kim Min-ji = The appearance of luxury brands in 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%.
Four months since last November (11.3%) department store sales of luxury goods recorded a double-digit increase. According to the sales trend of major retailers from the Ministry of Trade, Industry and Energy, the sales growth rate of famous foreign brands in the three department stores recorded ▲6% in December ▲ -7.2% in January ▲2.1% in February.
Luxury department store sales recorded a high growth rate of more than 30% until February last year, but the growth rate slowed down sharply from September last year when air passenger numbers started to improve.
As for the reason for the double-digit increase in luxury goods sales in four months, an industry official said, “The double-digit level is expected to improve as the demand for wedding gifts increases ahead of the wedding season and it’ the desire to eat which has suffered because of high prices has been 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 or more luxury brands, watches and jewelry.
Other department stores are also trying to capture the demand for gifts which will boost sales of luxury goods. Lotte Department Store is offering 10% wedding miles 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 an ‘Avenuel Orange’ level VIP lounge pass at Lotte Department Store and an exclusive Avenuel parking lot cleaners parking card.
An official from Lotte Department Store said, “Although we have entered the period of three peaks (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 very premium wedding ceremony after purchase.” Sales of premium products, including luxury gifts and imported furniture for wedding membership members, increased by more than 30%.”
Shinsegae Department Store is not holding a separate web fair, but is offering 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
