"Unaware of Recession" High-End Game Consoles and Home Appliances Sold Out Craze

Game Consoles like PS5, PCs, and Laptops
Early Sell-Outs Lead to Premium Secondhand Trades
Department Store Mall Offers Speakers Priced Around 12 Million Won
Revenge Spending Increases Amid Prolonged COVID-19 Pandemic

The console game 'PlayStation 5', which was sold in the second pre-order on the official online homepage of Electron Land recently. The disk version is priced at 628,000 KRW.

[Asia Economy Reporter Cha Min-young] The paradox of recession, where "the more expensive, the better it sells," continues. Despite several price hikes, luxury goods have been selling like hotcakes, followed by high-priced latest game consoles, laptops, and home appliances flying off the shelves. Analysts say that 'revenge consumption' caused by the novel coronavirus disease (COVID-19) has reached its peak.

According to related industries on the 14th, various online distribution channels have made consoles priced over 500,000 won, as well as the latest PCs and laptops costing millions of won, so scarce that they cannot be sold enough. In the secondhand market, it is common to have to pay a premium to obtain these items. This is interpreted as an increase in revenge consumption spending on hobbies due to expectations that overseas travel will become difficult from the end of this year to early next year.

On the 4th, Electronic Land launched the second reservation sale of the console game 'PlayStation 5' on its official online homepage but faced a server overload crisis. On the day of sale, the homepage was down for 30 minutes due to a surge in visitors. The first reservation sale also ended early within 5 minutes. Microsoft's Xbox Series X also sells out as soon as it becomes available. Since there are many people wanting to buy but limited quantities, various game-related communities share reservation sale information with each other.

The 12.14 million KRW 'Devialet Phantom Gold Opera and Triode Stereo Set' sold at Hyundai Department Store The Hyundai.com.

PC graphics cards for enjoying the latest games are also selling like hotcakes on Lotte On, SSG.com, and other platforms. Despite the high price of around 1 million won, enthusiasts sometimes stay up all night competing to click on popular products. A distribution industry official said, "As overseas travel itself becomes difficult, women are focusing on luxury goods, and men are concentrating on games and their hobbies," adding, "Coincidentally, next-generation console game consoles and next-generation PC components have been released in large numbers this year, prompting both enthusiasts and ordinary people to rush to purchase."

Ultra-high-end premium home appliances are also popular. At 'The Hyundai.com,' operated by Hyundai Department Store, high-priced premium home appliances are showcased through a curation corner exclusive to the VVIP membership 'Jasmine Club.' For example, the 'Devialet Phantom Gold Opera and Triode Stereo Set' is priced at 12.14 million won. It is characterized by adding artistic value as a sculptural artwork to the speaker's function. The 620,000 won 'Dali Katch Bluetooth Speaker' is also on sale. Hyundai Department Store explained, "The purpose is to expand curated products for VVIP customers online as well, increasing customer choice diversity."

The digital home appliance market has been continuously growing recently. According to Gmarket, PC purchases increased by 21% in the recent month from November 9 to December 8 compared to the same period last year. Soundproof and dustproof covers surged by 319%, PC video and audio devices by 71%, laptop stands by 42%, Bluetooth headphones by 41%, keyboard and mouse sets by 34%, game titles by 13%, and gaming chairs by 8%, showing favorable trends. In Gmarket's secondhand market, laptops increased by 375%, desktops by 124%, and monitors by 133%, all more than doubling in transaction volume.