The Era of '1000-Won Soju' Begins in the New Year... Large Supermarkets and Convenience Stores Simultaneously Lower Prices

Introduction of Standard Sales Ratio for Distilled Liquor
Taxes on Soju Reduced

Since the beginning of the year, the price of soju sold at large supermarkets and convenience stores has been reduced by up to 10%. This is due to the liquor industry lowering the wholesale prices following the government's introduction of a standard sales ratio for domestic distilled spirits last year, which resulted in reduced taxes on soju.

A variety of soju bottles are displayed at Hanaro Mart Yangjae Branch in Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@

According to the distribution industry on the 3rd, Emart lowered the price of Chamisul Fresh and Original (360ml) from 1,480 won to 1,330 won, a 10% reduction, starting from the 1st. The same volume of Cheoeumcheoreom was reduced from 1,380 won to 1,320 won.

Lotte Mart lowered the price of Chamisul Fresh and Original (360ml) from 1,480 won to 1,340 won, a 9.5% decrease. Lotte Mart is also considering lowering the prices of Cheoeumcheoreom and Saero, manufactured by Lotte Chilsung Beverage, within this week.

Homeplus reduced the prices of Chamisul Fresh and Original (360ml) from 1,490 won to 1,350 won, a 9.4% decrease, and Cheoeumcheoreom from 1,380 won to 1,350 won, a 2.2% decrease.

This follows the government's 10.6% tax reduction on soju starting from shipments in January this year. HiteJinro preemptively lowered the wholesale prices of Chamisul and Jinro by 10.6% from shipments dated December 22 last year. Lotte Chilsung Beverage also reduced the wholesale prices of Cheoeumcheoreom and Saero by 4.5% and 2.7%, respectively, starting December 27 of the same year.

Accordingly, convenience stores have also lowered soju prices simultaneously. GS25, operated by GS Retail, has reduced prices on soju brands including HiteJinro, Lotte Chilsung, Geumbokju, Daesun Joojo, Muhak, Bohae, Chungbuk Soju, Hallasan, and Hwayo since the day before. The 360ml bottles of Chamisul Fresh and Original, Daesun and C1 Soju, Joeunday, Ipsaeju, and Hallasan Soju were lowered from 2,100 won to 1,900 won. Cheoeumcheoreom, Geumbokju Matitneun Cham Original, and Siwon Soju products priced at 1,950 won were reduced by 50 won to 1,900 won.

Earlier, CU also lowered the prices of Chamisul Fresh and Original (360ml) from 2,100 won to 1,900 won, and Jinro Is Back from 2,000 won to 1,800 won starting from the 1st. Seven Eleven and Emart24 have also been selling Chamisul Fresh and Original at 1,900 won since the day before.

However, prices of soju at restaurants and bars remain unchanged. This is because liquor companies raised wholesale prices at the end of last year, and the government's tax reduction has not significantly impacted the retail prices. HiteJinro, the market leader in soju, raised the wholesale price of Chamisul Fresh and Original (360ml) by 6.95%, from the previous 1,166 won to 1,247 won in November last year. Regional soju companies such as Muhak, Daesun Joojo, Mackiss Company, and Bohae Brewery also joined the price increase trend.

Lotte Chilsung, which had delayed price increases, raised the taxable base price of Cheoeumcheoreom by 6.8% after the government's tax reduction decision, then lowered the wholesale price reflecting the tax cut. Kim Sun-young (pseudonym, 50), who operates an indoor pojangmacha in Yangpyeong-dong, Seoul, said, "Liquor wholesalers encouraged bulk purchases just before the soju price increase at the end of last year," adding, "I haven't placed orders this year yet, but even if the wholesale price drops, I don't think I can lower the selling price."