People shop at a traditional market in Seoul on July 8, 2022. (Yonhap)
SEOUL, July 19 (Korea Bizwire) — As disposable income declines day after day, South Korean consumers are turning their eyes towards cheap refurbished products or near-expired products that are available at significantly discounted prices.
Lotte Home Shopping Inc., a shopping unit of retail conglomerate Lotte, saw the average daily order volume of refurbished products rise by 10 percent in the second quarter of this year compared to a quarter ago.
The average daily order volume of near-expired foods and health products that are offered at a higher discount rate also jumped by about 30 percent in the second quarter of this year compared to the first quarter.
Even for luxury brands, used or displayed items are gaining popularity. Online shopping mall Gmarket’s sales of luxury refurbished or used items jumped by 39 percent during the June 13 to July 13 period compared to a year ago.
Sales of bags and backpacks for men rose by 390 percent, while sales of clothes and miscellaneous goods grew by 217 percent during the same period.
Convenience store chain 7-Eleven’s ‘last order service’ that offers discounts for near-expired products marked a 30 percent growth in sales during the period from July to 13 compared to a year ago.
Ashley Song (ashley@koreabizwire.com)
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