Liquor Wholesale Association, "Soju Wholesale Prices Frozen... Actively Participating in Price Stabilization"

Resolution Meeting of Presidents of Comprehensive Liquor Wholesale Associations from 16 Cities and Provinces

HiteJinro has raised the prices of some alcoholic beverage products, including ‘Chamisul’ and ‘Terra,’ while comprehensive liquor wholesalers nationwide have declared a freeze on the wholesale price of soju.

The President of the Korea General Liquor Wholesale Association and the presidents of the 16 city and provincial General Liquor Wholesale Associations adopted the "Resolution for Coexistence between Retailers and Consumers" at the board meeting held on the 8th and are taking a commemorative photo.

The Korea Comprehensive Liquor Wholesalers Association announced on the 8th at its board meeting that it will freeze the wholesale price of soju for the time being.

The Korea Comprehensive Liquor Wholesalers Association is an organization established to help ensure proper enforcement of government liquor-related regulations and to support the establishment of a sound liquor distribution order. It currently has 16 city and provincial associations and about 1,100 wholesale businesses as members nationwide.

The resolution meeting was held in the context of the government recently activating a special inter-ministerial price stabilization system, aiming to actively participate in the government’s efforts to stabilize prices. The meeting was attended by the heads of the comprehensive liquor wholesalers associations from 16 cities and provinces nationwide, and they adopted a ‘Resolution for Coexistence between Retailers and Consumers.’

According to the resolution, comprehensive liquor wholesalers nationwide have resolved to refrain from raising wholesale liquor prices as much as possible by absorbing price increase factors through corporate self-help efforts. They also pledged to actively cooperate with the national price policy and do their best to stabilize the economy for ordinary citizens.

Meanwhile, HiteJinro will raise the ex-factory prices of its soju brands Chamisul Fresh and Chamisul Original by 6.95% starting today. The price increase applies to 360ml bottle products and PET products under 1.8 liters. Beers such as ‘Terra’ and ‘Kelly’ will also see an average price increase of 6.8% starting today.

HiteJinro plans to establish win-win measures so that this price increase does not lead to a significant burden, such as a decrease in sales volume for consumers, self-employed business owners, and distribution channels. First, it will supply sufficient quantities to liquor handling clients until the price increase takes effect, allowing them to stock up at pre-increase prices.

Additionally, various discount events will be held at large discount stores, corporate supermarkets (SSM), Nonghyup Hanaro Mart, and large individual supermarket stores where consumers can directly purchase soju products. Through this, the company aims to minimize consumers’ perception of the price increase until the end of the year.

A plan to defer debt collection from liquor wholesalers will also be implemented. This is expected to continue the deferral of collection on loans provided by liquor wholesalers to restaurants.