Department Stores' First New Year Sale Targeting 'Bokbok Consumption'... Retail Industry's New Year Marketing Competition

[Asia Economy Reporter Jo In-kyung] Major department stores such as Lotte, Shinsegae, and Hyundai have simultaneously launched their regular sales with the start of the new year of the Black Tiger. Amid expectations that 'revenge consumption' will continue next year due to the ongoing impact of COVID-19, each department store is trying to attract consumers with discounts of up to 80% and various New Year events.

Lotte Department Store has prepared events using New Year themes such as 'My Bucket List 2022' and discount benefits for a total of over 600 brands. Sales of 10-30% are offered depending on the participating brands across all product categories including women's and men's fashion, accessories, and living goods, and a season-off sale is also held for 2021 fall/winter products from famous domestic and international clothing brands.

Shinsegae Department Store is presenting its first regular New Year sale under the name 'NEW YEAR NEW HOPE.' A total of about 270 brands participate across 13 stores, offering men's and women's fashion items such as Marie Claire, Galaxy, and Maestro at discounts of up to 70%. Overseas famous brand season-offs are also included. In addition to existing luxury clothing and bags, accessories such as sneakers and fashion items preferred by those in their 20s and 30s are sold at reasonable prices.

Hyundai Department Store's regular sale features participation from about 350 brands across all product categories including fashion, accessories, and living goods, offering new products at discounts of 10-30% off the original price. Season-offs for overseas famous brands' F/W collections are also underway. About 100 brands including Thom Browne, Balenciaga, Off-White, Kenzo, Golden Goose, and Comme des Gar?ons participate, selling 2021 fall/winter products at discounts of 10-50% off the regular price.

Online shopping malls and e-commerce industries are also targeting the MZ generation (Millennials + Generation Z), who are familiar with non-face-to-face shopping, by holding special price events featuring popular winter products to attract consumers.

Lotte ON is offering up to 40% discounts on popular 2021 products through the 'On Countdown' event until the 2nd, and giving up to 10% discount coupons to the first 10,000 customers. Wemakeprice (WEMAKEPRICE) is giving out special coupon packs including coupons by purchase amount and payment method, with discounts up to 60,000 KRW for all customers during the 'WEMAKEPRICE Day' event from the 2nd to the 6th.

Tmon is providing up to 40% discount coupons once a day through the '2022 Daebeomhan Shopping' promotion until the 9th.

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