"The More Expensive, The Better It Sells"... Premium Wine Gains Popularity

[Asia Economy Reporter Lim Chun-han] Due to the impact of COVID-19, the number of 'home drinking' consumers has increased, leading to a significant rise in wine sales at department stores and large supermarkets. In particular, this year, as wine consumption has become more widespread, premium wines priced over 500,000 KRW have gained great popularity.

According to Homeplus on the 23rd, wine sales from January this year to the 20th of this month grew by 11% compared to the same period last year. The average spending per wine customer increased by 7% year-on-year, and the share of alcoholic beverages in total sales rose from 13% in 2019 to 18% this year. By price range, wine sales priced between 50,000 and 100,000 KRW increased by 43%, those over 100,000 KRW by 62%, and those over 500,000 KRW surged by 700%.

Homeplus plans to expand its core regular operating products to over 1,200 items, more than 2.4 times the current number, by the first quarter of next year. The annual goal is set at a 40% increase in sales and selling 3 million bottles. They will focus on developing differentiated products by launching about 20 exclusive sourcing items unique to the industry and expanding wine specialty zones within top-performing large supermarkets and express stores.

On the 23rd, a customer is purchasing wine at the Lotte Department Store main branch in Jung-gu, Seoul.

Wine sales are also increasing at department stores. Lotte Department Store's wine sales grew by 15% from January to November compared to the previous year, and by 22% from the 1st to the 21st of this month. With social distancing measures being strengthened, it is expected that more consumers will seek wine during this Christmas and year-end season.

Lotte Department Store increased the supply of the most popular 'sparkling wine' by about 20% compared to last year for the year-end season. In fact, last December, one out of every three customers who purchased wine at Lotte Department Store’s main branch bought sparkling wine, and about 30% of the annual sparkling wine sales were concentrated in the last month.

They have also prepared a variety of unique wines. Representative examples include 'Domaine Leroy Clos de Vougeot Grand Cru 1998' and 'Maison Leroy Pommard Rouge 2009,' produced in limited quantities by Leroy, the top winery in the Burgundy region of France. To celebrate the Year of the Black Tiger in 2022, they will also introduce the ‘Iminnyeon Tiger Wine Set,’ featuring a tiger illustration.

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