SEOUL, Jan. 13 (Korea Bizwire) — With inflation picking up, the popularity of private-brand (PB) products developed in-house by large discount stores, convenience store chains and online malls is rising at a rapid pace.
PB products, in general, minimize logistics and advertising costs, and are thereby usually cheaper than other products made by big-name companies.
According to discount store chain E-Mart Inc., sales of the company’s PB tofu products jumped by 94 percent last year compared to a year earlier.
The nation’s major tofu makers such as Pulmuone Co. and CJ Cheiljedang Corp. pushed up the price of their tofu products early last year. Accordingly, PB tofu products became up to 35 percent cheaper than the ones made by major tofu makers.
Lotte Mart also saw sales of its PB ramen jump by more than 100 percent last year, with sales of PB milk, mineral water and canned foods rising by up to 300 percent.
For Market Kurly, last year’s best-selling item was PB milk that the company released in collaboration with Yonsei University Dairy. The online grocery delivery platform has sold more than 1.8 million packs of the milk since it was released in January last year.
The PB milk that online shopping store GS Fresh Mall released in June became a top seller in the milk category last year, primarily because it was available at a price 20 to 30 percent cheaper than existing milk products.
Ashley Song (email@example.com)