Thanks to MZ... Traditional Market Sales Growth Rate Surpasses Large Mart

Supermarket and Restaurant Sales Growth Surpassed... MZ Sales Surge
Chungnam Yesan Market Up 934% Compared to 2019

The government raised the monthly purchase limit for Onnuri gift certificates to 1.5 million won, attracting crowds of citizens at Cheongnyangni General Market in Dongdaemun-gu, Seoul on the 30th. Photo by Jinhyung Kang aymsdream@

A survey revealed that sales growth in traditional markets is steeper than in large supermarkets. It is analyzed that the influx of MZ (Millennial + Z) generation customers played a key role.

On the 7th, BC Card's New Finance Research Institute announced that it analyzed sales data generated over five years from January to April of 2019 through 2023 at 15 major traditional markets nationwide, including Seoul (Gyeongdong, Gwangjang, Dongmyo, Mangwon, Sindang), Incheon (Sinpo International), Gangwon (Gangneung Central, Sokcho Central), Daegu (Seomun, Chilseong), Busan (Gukje, Gijang, Bupyeong Kkangtong), Chungnam (Yesan), and Jeju (Dongmun), resulting in these findings.

According to the survey, sales at traditional markets began to grow sharply from 2020, when COVID-19 occurred. As of January to April this year, the sales index based on payment amount increased by 49% compared to 2020. In contrast, supermarkets saw a 20% decrease during the same period, and general restaurants only increased by 10%. The sales index is set with 2020 as the baseline (100) and is an index that can grasp the level of dining-out prices at the comparison point.

BC Card's New Finance Research Institute analyzed that, considering data from the Small Enterprise and Market Service announced earlier this year and the average increase rate of dining-out prices rising for 29 consecutive months (7.6%, Statistics Korea), some customers who used supermarkets and restaurants may have shifted to traditional markets.

They emphasized that the sharp increase in visits by MZ generation customers was the main factor for the sales increase. Visits by the MZ generation to major markets such as Yesan Market in Chungnam, Sindang and Mangwon Markets in Seoul, Gangneung Central Market in Gangwon, and Dongmun Market in Jeju increased compared to January to April 2019, before COVID-19. In particular, the increase rate of MZ generation visits to Yesan Market in Chungnam and Sindang Market in Seoul overwhelmingly surpassed that of non-MZ generation visits. Yesan Market in Chungnam saw a staggering 934% increase, surpassing the non-MZ generation (500%). Sindang Market in Seoul also widened the gap with MZ at 117% and non-MZ at 106%.

Meanwhile, sales from foreign tourists at traditional markets also surged. As of January to April this year, sales from foreign tourists increased by 753% compared to January to April 2021. It also rose by 65% compared to January to April 2020, the early stage of COVID-19.

Kim Yong-il, Executive Director of BC Card's Customer Support Headquarters, said, "We are conducting data analysis to proactively grasp consumption flows and customer demands occurring in various areas," adding, "Since last year, we have been implementing marketing to revitalize consumption at small businesses and traditional markets nationwide, and we plan to continue collaborating with related organizations."