Even in the recession, the Korean beef set is in demand

Published 2023년 1월 19일

Tridge summary

High-end department store Hanwoo beef sets have seen a double-digit increase in sales despite high prices and interest rates, due to a strategy targeting 'cherrysumers' and a recent drop in Korean beef prices. The success of Korean beef sets is attributed to their perceived cost-effectiveness compared to other gift sets, which have seen a price increase of 20%. Customized sets and strategies like lowering prices while changing the type of meat have also contributed to the increase in sales. Supermarkets have seen an increase in sales of Korean beef sets priced around 200,000 won, and high-end sets have also sold well.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Despite the slowdown in consumption due to high prices and high interest rates, it has been confirmed that department store Hanwoo beef sets, which are synonymous with high-priced holiday gifts, showed a double-digit increase in sales compared to last year just before the Lunar New Year. Analysts say that the price of Korean beef has recently dropped by more than 10%, and the strategy of increasing customized gift sets targeting “cherrysumers” (frugal and strategic consumers), tailored to the parts and prices customers want, has been successful. On the 18th, the Dong-A Ilbo compared the sales growth rate of Korean beef gift sets for the two weeks from the 2nd to the 15th of this month of 4 department stores (Lotte, Shinsegae, Hyundai, Galleria) and 3 large marts (E-Mart, Homeplus, Lotte Mart) compared to the same period last year. ~33%, and hypermarkets showed an increase of 11~72%. The first contributor to the success of Korean beef set was the price. According to the Livestock ...

Source: Donga