SEOUL, April 13 (Korea Bizwire) – Through the ongoing economic slowdown, consumption has decreased in almost every sector, but baby products have continued to sell well, hinting that Koreans do not reduce consumption for their children even when faced with economic hardship.
According to a statement from Lotte Mart on April 12, overall revenue in the first quarter decreased 3.0 percent compared to the same period of the previous year. However, sales of baby products rose 7.5 percent year on year.
The increase in popularity of baby products stands out even more compared to decreases in sales for fresh and processed food (-3.2%), household items (-2.5%) and clothes and accessories (-8.7%).
Sales of hygiene products for babies jumped 30.2 percent, while organic baby snacks saw a 25.6 percent increase. The sales of utensils and juice products for babies rose by 12.6 percent and 12.1 percent respectively.
Meanwhile, the sales of books and electronic toys for reading saw 24.5 percent and 38.2 percent increases respectively.
An official at Lotte Mart said, “As the number of households with only one child increases, parents seem to lavish money on their children. To embrace such a trend, we will increase the number of baby products offered at our stores.”
By John Choi (firstname.lastname@example.org)