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Korea’s prolonged low growth has changed the consumption trend of alcohol beverages, with more consumers opting to drink inexpensive beer over premium spirits and wine.
This pattern along with other variables, such as the hotter weather and the emerging issues of domestic beer lacking quality taste, have boosted sales of foreign beer to surpass those of wine for the first time over the last month.
Also, the economic slowdown has further shrunk the domestic whiskey market, according to market data by retailers and the Korea Customs Service.
Sales of imported beer brands in Korea hit more than 1.6 billion won ($1.4 million) over the last month, up more than 40 percent from the same period a year ago.
This was 100 million won more than sales of wines, which raked in 1.5 billion won in the same period, according to Lotte Mart, one of the three major discount retail chains.
Imported beer not only performed better than wine but also the Korean traditional liquor soju. Sales of domestic soju reached 1.45 billion won last month.
Market analysts suggest that sales of foreign beer will likely reach over $100 million by the end of this year, should they keep gaining momentum of attracting Korean consumers via giant discount chain stores.
Their sales increased more than 20 percent to some $30 million between January and May this year.
Japan-based Asahi Breweries was the best foreign seller in Korea, with its flagship Asahi beer brand, with earnings more than tripling over the last four years, data showed.
Meanwhile, the Korean whiskey market continued to face a downturn with consumption in terms of number of boxes sold decreasing almost 12 percent.
Distilled beverage makers saw about 748,000 boxes of hard liquor distributed in the domestic market in January-May this year, down from some 849,000 boxes a year ago. There are 18 500-milliliter bottles of whiskey in a box.
Diageo Korea, the No. 1 whiskey seller, sold only about 245,000 boxes of its flagship premium Windsor whiskey in Korea, down almost 16 percent in the same period.
No. 2 Pernod Ricard Korea, the local subsidiary of the French spirits and wine giant, also saw a drop of 18 percent, selling some 171,000 boxes of its notable Imperial brand.
Pernod Ricard recently told The Korea Herald that it planned to “redeploy” its premium white spirits such as Absolut vodka and Olmeca tequila for female consumers to offset the local whiskey downturn.
By Park Hyong-ki (hkp@heraldcorp.com)
This pattern along with other variables, such as the hotter weather and the emerging issues of domestic beer lacking quality taste, have boosted sales of foreign beer to surpass those of wine for the first time over the last month.
Also, the economic slowdown has further shrunk the domestic whiskey market, according to market data by retailers and the Korea Customs Service.
Sales of imported beer brands in Korea hit more than 1.6 billion won ($1.4 million) over the last month, up more than 40 percent from the same period a year ago.
This was 100 million won more than sales of wines, which raked in 1.5 billion won in the same period, according to Lotte Mart, one of the three major discount retail chains.
Imported beer not only performed better than wine but also the Korean traditional liquor soju. Sales of domestic soju reached 1.45 billion won last month.
Market analysts suggest that sales of foreign beer will likely reach over $100 million by the end of this year, should they keep gaining momentum of attracting Korean consumers via giant discount chain stores.
Their sales increased more than 20 percent to some $30 million between January and May this year.
Japan-based Asahi Breweries was the best foreign seller in Korea, with its flagship Asahi beer brand, with earnings more than tripling over the last four years, data showed.
Meanwhile, the Korean whiskey market continued to face a downturn with consumption in terms of number of boxes sold decreasing almost 12 percent.
Distilled beverage makers saw about 748,000 boxes of hard liquor distributed in the domestic market in January-May this year, down from some 849,000 boxes a year ago. There are 18 500-milliliter bottles of whiskey in a box.
Diageo Korea, the No. 1 whiskey seller, sold only about 245,000 boxes of its flagship premium Windsor whiskey in Korea, down almost 16 percent in the same period.
No. 2 Pernod Ricard Korea, the local subsidiary of the French spirits and wine giant, also saw a drop of 18 percent, selling some 171,000 boxes of its notable Imperial brand.
Pernod Ricard recently told The Korea Herald that it planned to “redeploy” its premium white spirits such as Absolut vodka and Olmeca tequila for female consumers to offset the local whiskey downturn.
By Park Hyong-ki (hkp@heraldcorp.com)
