[New Consumption Trend] 'Limited Editions' Sell Even When Abundant... Buyers Pay Premium for Albibag and Folding Box

[Asia Economy Reporters Choi Saekhye, Lee Seungjin] Although the cold wind signals the arrival of a harsh winter, the distribution industry remains hot with the craze for 'limited edition goods.' The desire to own and show off products offered in limited quantities has driven the popularity of limited edition goods upward every year. Especially this year, amid the economic difficulties caused by the novel coronavirus infection (COVID-19), more people are experiencing 'small but certain happiness (So-hwak-haeng)' through acquiring goods, leading to widespread sell-out phenomena. For hard-to-get goods, premium transactions are even taking place on secondhand trading apps.

According to the distribution industry on the 9th, Starbucks is the leading figure in the recent limited edition goods frenzy. Under the management philosophy of 'selling culture, not coffee,' Starbucks releases goods products engraved with the Starbucks logo every year. Recently, during the 'Korea SSG Day,' which mobilized all affiliates of the Shinsegae Group, Starbucks goods demonstrated significant influence. SSG.com produced a limited edition cooler bag called the 'Albi Bag' as a gift in collaboration with Starbucks. The Albi Bag was offered on a first-come, first-served basis to customers who placed orders exceeding 200,000 KRW from the 26th to the 31st of last month.

The Albi Bag was produced in two types: 30,000 units of the 'Green Siren' and 70,000 units of the 'Bearista,' totaling 100,000 units. Among these, the 'Green Siren,' which had the smaller quantity, sold out all 30,000 units within two days of the event, causing a shortage. Over 90,000 Albi Bags were sold during the entire event period.

Used Starbucks Albee Bag listing posted on a secondhand trading site.

The problem is that customers buy coffee in bulk and then leave it behind, or the gifts are traded at high prices in the secondhand market, causing a 'role reversal' side effect. Online, posts flooded in saying things like 'I bought unnecessary items just to reach 200,000 KRW to get the Albi Bag' or 'I shopped again just two days after shopping.' Also, as soon as the Albi Bag giveaway event started last month, hundreds of posts related to secondhand trading of the Albi Bag appeared on secondhand trading sites. Currently, the 'Green Siren' is being traded at 50,000 KRW.

Last summer, at a Starbucks store, a customer ordered 300 drinks to receive multiple 'Summer Ready Bags' given as gifts in the summer frequency (coupon) event, took only the gifts, and left 299 drinks behind, which were discarded.

The situation is similar for Coffee Bean, which gained popularity with camping goods targeting the COVID-19 situation. The folding box, which was given when adding 11,900 KRW to one drink at the store, is traded for over 30,000 KRW each on secondhand trading sites, and the tent product, given when adding 36,000 KRW to one drink, is sold for about 70,000 KRW.

Why is Korea so enthusiastic about limited editions? Professor Lim Myeongho of Dankook University's Department of Psychology analyzed, "For the younger generation, who have no chance to access expensive things like houses or cars, they find small but certain happiness through limited edition goods, and middle-aged people also feel small happiness amid difficult economic conditions or experience nostalgia from retro products."

Despite various side effects, the industry insists that they have no choice but to continue marketing related to limited edition goods. This is because, amid concerns about the spread of COVID-19 preventing large-scale gatherings, it is the most effective marketing method directly linked to sales.

Shinsegae Simon Goods Picnic Mat Bag.

Shinsegae Simon, which operates Shinsegae Premium Outlets, launched two types of goods marketing with the tripwear brand 'Lowrow' and 'Picnic Mat Bag.' These are given on a first-come, first-served basis to customers who purchase over 400,000 KRW, with limited quantities prepared per store. Shinsegae Simon expects the products to sell out early due to the popularity of limited edition goods.

Starbucks also increased the types of goods released annually ahead of Christmas to four planners and three foldable crossbags. A Starbucks official said, "We prepared enough goods products considering last year's giveaway quantity and the increase in stores." Coffee Bean also increased the 2021 planner set, including a corduroy bag, by about 40% compared to last year.

Professor Lim said, "Basically, limited edition products come with a possessiveness triggered by the urgency of time and quantity, and this psychology seems to have been further stimulated amid difficult economic conditions. Marketing using limited edition goods will eventually lose its effectiveness, but its popularity is expected to continue for the time being."

This content was produced with the assistance of AI translation services.