Double-Digit Sales Growth on Valentine's Day
"Consumers Focus on Value-for-Money Products Under 10,000 KRW"
The convenience store industry recorded better-than-expected solid sales during the 'Valentine's Day' period, one of the 'three major sales seasons (Pepero Day, White Day, Valentine's Day)'. Despite concerns over performance due to weakened consumer sentiment amid domestic demand stagnation caused by high inflation, most stores showed double-digit growth compared to the previous year.
According to GS25, a convenience store operated by GS Retail, sales of Valentine's Day promotional sets from the 1st of this month to Valentine's Day on the 14th increased by 15.4% compared to the same period last year. During this period, sales in the chocolate category rose by 16.6%, and jelly products increased by 36.4%. The surge in jelly product sales is understood to reflect the recent craze for the Swedish jelly called 'Swedish Jelly,' which attracted many consumers.
BGF Retail's CU also saw an 11% growth during the same period this year, with promotional sales increasing compared to the previous year. Considering that the sales growth rate on Valentine's Day last year was only 2%, this represents a significant jump.
Seven Eleven recorded a 20% increase in sales from February 8 to 14 compared to 2024 sales. Given that the sales growth rate during the same period last year was 15%, it is analyzed that more consumers participated in holiday spending. Emart24 saw a 3% increase from the 1st to the 14th of this month.
The strong sales performance this Valentine's Day is believed to be largely influenced by it falling on a Friday. With the weekend just a day away, many consumers were purchasing gifts for their partners, colleagues, academies, family, and acquaintances. In particular, last year Valentine's Day fell on a Wednesday, two days after Lunar New Year, which limited consumer spending and is considered a base effect that boosted this year's sales.
Because of this, convenience store headquarters sales staff encouraged store owners who were concerned about order quantities to increase their stock compared to last year, emphasizing the advantage of Valentine's Day falling on a Friday.
Overall, the best-selling products were cost-effective items priced around 10,000 KRW. While the economic downturn led convenience stores to stock affordable products in the 10,000 KRW range on shelves, consumer behavior also reflected a preference for value-for-money products over expensive ones. According to GS25, products priced below 10,000 KRW accounted for an overwhelming 60.2% of sales among promotional sets, while products priced above 20,000 KRW made up only 4%. Seven Eleven also reported that products priced around 10,000 KRW dominated sales.
Introducing differentiated products focused on goods such as eco-bags, bags, cushions, and slippers using characters also stimulated consumption. This aligned with the trend among the MZ generation (Millennials + Generation Z) favoring harmless and cute items, boosting sales. CU, which released the most goods, created and sold tote bags, carriers, face bags, slippers, etc., priced between 10,000 and 30,000 KRW, featuring characters like Ppujik-i and Ppajik-i (Everland Capybara) and Rikkakku. As a result, the sales proportion of products priced between 10,000 and 20,000 KRW rose to 56.4%, an increase of 6.4 percentage points compared to the previous year.
An industry insider from the convenience store sector explained, "We were concerned that Valentine's Day sales might be sluggish due to the intensified consumption downturn since the end of last year. However, the fact that consumers spent on special or cost-effective products means the results are not bad overall."
Meanwhile, the convenience store industry plans to focus on cost-effective and differentiated products for promotional campaigns on White Day next month on the 14th. Traditionally, White Day sales exceed those of Valentine's Day.
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