SOUTH KOREANS OPT FOR LOW-PRICED WINES AS ECONOMY SLOWS
By Staff Reporter
More South Korean consumers are buying low-priced wine that costs less than 10,000 won (USD8.43) per bottle in the face of a protracted economic slowdown, according to a report in Korea Bizwire.
Quoting data from E-Mart Inc, South Korea’s largest chain warehouse discount store, the online news media reported that sales of low-priced wines increased 5.8 percent in the first three quarters of 2019.
E-Mart Inc’s data show that wines with a price tag under 10,000 won now account for 19.7 percent of all wine sales, offsetting the decline in sales of wines priced between 10,000 to 30,000 won.
“Thanks to the sales boost led by low-priced wine, total wine sales have expanded by 2.4 percent since last year,” Korea Bizwire quoted E-Mart as saying.
South Korea's economy has been hit by the decline in global demand as a result of the prolonged US-China trade war.
The months-long trade dispute with Japan also weighed on the South Korean consumers denting their confidence.
Warehouse stores are gaining popularity in the country as Koreans seek greater bargains in the face of the protracted economic slowdown.
Launched by Shinsegae Group in 2010, the E-Mart Inc has since enjoyed double digit growth year after year to become South Korea’s biggest discount retailer.
(the writer can be contacted at: firstname.lastname@example.org)
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