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PB product sales at Korean retailers up 11.8% in a year

Collected: 2024.02.15

Distributed: 2024.02.16

Source: Go Direct

[Photo by Yonhap]

Demand for private brand (PB) products at South Korean retailers has grown over the past year, with sales surging by nearly 12 percent amid the sluggish economy and rising prices.

According to a report by the Korea Chamber of Commerce and Industry on Wednesday based on NielsenIQ’s analysis on Wednesday, the domestic market size of PB products saw a remarkable 11.8 percent growth from the fourth quarter of 2022 to the third quarter of last year.

This growth was over six times higher than the 1.9 percent growth rate observed in the overall consumer goods market during the same period.

The food sector, in particular, played a pivotal role, seeing a growth rate of 12.4 percent. The surge is attributed to consumers reducing non-essential expenditures amid subdued consumer sentiment.

By Jung Sang-bong and Minu Kim

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