SEOUL, March 16 (Korea Bizwire) — The South Korean beer market is once again thriving, with the coronavirus prompting many consumers to drink at home instead of at bars.
Market research firm Nielsen Korea reported that beer sales at convenience stores and other retailers, excluding the entertainment market, reached 816 million liters, up by 9.6 percent from the previous year.
Beer sales dropped from 813 million to 745 million liters between 2018 and 2019, but began to recover last year. Sales revenue also climbed back from 3.17 trillion won (US$2.8 billion) in 2019 to 3.46 trillion won last year.
This trend is largely led by distinct change among consumers, who replaced business gatherings and entertainment activities with home drinking.
In response, beer sales are gradually shifting focus from the entertainment market to households.
“Prior to the coronavirus, the entertainment market and home sales were on par. Now, home sales outpace the entertainment market by a ratio of 6 to 4, or even 7 to 3,” an official at Oriental Brewery Co. said.
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