Gas and Heating Costs Continue to Rise
Sales of Door Draft Stoppers and Insulation Sheets Surge
Homeplus Sees 84% Increase in Thermal Underwear Sales
[Asia Economy Reporter Lim Chun-han] Housewife Park Sun-young (34, female) is increasingly worried these days due to soaring heating costs. To immediately block the cold drafts coming through the windows, she has put up air caps (bubble wrap) and minimized boiler operation, taking drastic measures. Park said, "My salary remains the same, but prices keep rising endlessly, and with public utility fees increasing, I don't know how ordinary people are supposed to live," lamenting, "Isn't the only option to wear more clothes at home?"
Recently, with record-breaking cold waves and soaring heating costs, more consumers are seeking insulation and cold protection products. This is part of desperate efforts to save on heating expenses in an era of high inflation.
According to Lotte Mart on the 3rd, sales of heating products such as draft stoppers increased by 70% compared to the same period last year from the 13th to the 31st of last month. During the same period, Homeplus saw sales of insulation sheets rise by 55% and draft stoppers by 50%. On 11st, sales of heating tents (71%), insulation sheets (39%), and windproof vinyl (37%) surged. Gmarket also experienced increased sales of insulation sheets (54%), draft stoppers (46%), and heating tents (38%).
More people are also looking for thermal products to maintain body heat. At Lotte Mart, sales of underwear and pajamas increased by 30%, and winter hats by 20%. Homeplus saw underwear sales jump 84%, and 11st recorded a 31% increase. Lotte On reported high growth rates with padded jackets (100%) and underwear (60%).
Sales of heating appliances have also surged. At E-Mart, electric blankets sales rose 47%, heaters 137%, hot water mats 20%, and electric mats 30%. Lotte Hi-Mart saw heater and heated floor mat sales increase by 40% and 10%, respectively. At Electronic Land, electric blanket sales rose 29%, and warm air fans 8%. SSG.com reported increased sales of hot water mats (76%) and electric mats (47%).
According to consumer price trends announced by Statistics Korea, electricity, gas, and water charges rose 12.6% last year, marking the highest level since separate statistics began in 2010. In particular, in December, city gas prices increased by 36.2% year-on-year, and district heating costs rose by 34%, showing that the upward trend in prices is not easily slowing down.
The distribution industry is targeting consumers through various discount events. Lotte Mart is offering up to 50% discounts on bedding, blankets, and fabric accessories until the 11th. Homeplus is holding a buy-one-get-one-free event on winter clothing and miscellaneous goods until the 4th, and SSG.com provides up to 12% discount coupons applicable to heating appliances, cold protection daily necessities, and clothing available at Shinsegae Mall and Shinsegae Department Store.
An industry official said, "With the recent increase in public utility fees, the burden of heating costs has intensified, leading more consumers to seek energy-efficient products," adding, "We are introducing products that allow customers to prepare economically for the winter cold."
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