It Was Neither Red Ginseng Nor Fruit... 'This' Sold Like Hotcakes During the Heatwave Chuseok

Air Conditioners Sold Like Hotcakes During Chuseok
Unusually High Temperatures Break Distribution Norms

Will the era of exchanging 'air conditioners' as Chuseok gifts arrive? As the late summer heatwave persisted until mid-month, retail air conditioner sales also soared. This is an unusual event that broke the common retail industry belief that the peak season for air conditioners ends in August.

This Chuseok, amid an unusual heatwave, travelers are heading to their hometowns carrying gifts.

On the 17th, Gmarket and others announced that the transaction amount for portable air conditioners from the beginning of this month (1st to 10th) surged by 589% compared to last year's Chuseok period (September 15-23). The transaction amount for coolers also increased by 367% during the same period, while stand-type and window-type air conditioners rose by 281% and 211%, respectively.

Typically, September in the retail industry is a period when sales of cooling devices like air conditioners decline and preparations for autumn and winter products begin. However, this year, as the heatwave around 30 degrees Celsius continued until the end of Chuseok, unusual changes in consumer patterns have been occurring.

Air conditioner. [Image source=Yonhap News]

According to an analysis by the Korea Power Exchange on the 15th, the maximum total electricity demand in the second week of September in South Korea was recorded at 99.3 gigawatts (GW), nearly reaching 100GW. This level of electricity consumption is similar to that of midsummer, indicating that households could not turn off their air conditioners even after August ended.

Last month, when the record-breaking heatwave persisted, the total demand exceeded 100GW multiple times, setting new maximum records. Although most factories were not operating during the Chuseok holiday, which likely reduced total electricity demand on the day, it is estimated to have been much higher than the average for the same period in previous years.

Status of heatwave warnings issued as of 2 PM the previous day. [Image source=Korea Meteorological Administration]

According to the Korea Meteorological Administration on the last day of the Chuseok holiday, the 18th, record high temperatures for September were broken in various parts of the country, including Suwon in Gyeonggi, Jeonbu in Jeonbuk, and Tongyeong in Gyeongnam. The highest daytime temperature in Suwon rose to 34 degrees Celsius, Jeonju recorded 35.5 degrees, and Jeongeup reached 36.5 degrees. The southern regions, including Gwangju, also broke their all-time highest temperature records. This is the first time in Korean Peninsula history that the average temperature in early to mid-September exceeded 30 degrees Celsius, and the Meteorological Administration expects the late summer heatwave to continue on the 19th.

Heatwave warnings are being issued in most parts of the country during the daytime. This is also the first time a heatwave warning has been issued in the central region in mid-September. Heatwave warnings are issued when the highest perceived temperature remains above 35 degrees Celsius for two or more consecutive days or when significant damage from the heat is expected.