With persistent high inflation, sales of affordable private label (PB) products are on the rise, even in large supermarkets. (Image courtesy of Homeplus)
SEOUL, April 14 (Korea Bizwire) —Homeplus, a large discount store in South Korea, has reported a 36% increase in sales of its own-brand “Homeplus Signature” products from January to March compared to the same period last year. The sales of private label products were particularly high in food categories such as refrigerated convenience foods, snacks, and dairy products.
Young customers in their 20s were the main consumers of these products, with sales to this age group increasing by 44%. Homeplus attributes this trend to price-sensitive consumers turning to private label products and is offering various discounts to cater to this market.
Lina Jang (linajang@koreabizwire.com)
