Vivien explains the phenomenon by pointing to a consumer shift to ‘value consumption’. Value consumption refers to behavior in which consumers spend money on products that they deem high in value regardless of price, when, ironically, they save on low-cost products. (image: KobizMedia/ Korea Bizwire)
SEOUL, June 8 (Korea Bizwire) – Despite a prolonged economic downturn and stagnating consumption, the market for corrective and functional underwear has continued its steady growth.
Vivien, an underwear brand, analyzed its corrective underwear sales in the January to May period since 2010, and discovered that growth has maintained a steady pace.
The company’s 2012 sales of corrective underwear jumped by 12 percent over 2010, followed by increases of 16 percent in 2014 and 10 percent in 2016. Vivien’s total sales, however, increased by 2 percent, 18 percent, and 2 percent respectively, indicating a higher growth rate (except for 2014) for corrective underwear.
Sales of corrective underwear has increased from 5.2 billion won in 2010 to 7.4 billion in 2016. (image: Yonhap)
Vivien explains the phenomenon by pointing to a consumer shift to ‘value consumption’. Value consumption refers to behavior in which consumers spend money on products that they deem high in value regardless of price, when, ironically, they save on low-cost products.
In fact, Vivien’s median price for corrective bras is 85,000 won, which is approximately 30 percent higher than regular bras. Still, demand for the product remains consistent.
“We have major customers who are either more interested in physical appearance or are in need of corrective underwear because of their physique,” said a Vivien official. “This is why sales of corrective underwear are less affected by the recession, despite their higher prices.”
By Kevin Lee (kevinlee@koreabizwire.com)
