Premium outlets in South Korea are offering refurbished furniture and home appliances as seasonal demand grows.
Refurbished items refer to those displayed in stores and those that have been returned due to minor defects or imperfections, which are then refurbished and sold at lower prices.
Usually, demand for furniture and home appliances increases during the fall season as more people tie the knot and move houses. This year, more consumers are turning to second-hand furniture due to high prices and a weak economy.
According to Shinsegae Simon Co., a premium outlet operator under Shinsegae Group, on Sunday, healthcare and home appliance company CERAGEM Co. opened its first outlet store at Shinsegae Premium Outlet in Paju, Gyeonggi Province, in August.
The store sells refurbished design massage chairs and spinal massage medical devices favored by young consumers.
Stores specializing in premium furniture and home appliances have also found their place in outlets.
Last month, fullty, a living resale platform, exclusively opened at Shinsegae Premium Outlet in Yeoju, Gyeonggi Province.
The platform purchases used premium furniture, conducts inspections and cleaning, and resells them.
“Products from well-known international brands such as Fritz Hansen, Louis Poulsen, and Vitra are popular among the newlyweds, accounting for 50 percent of our entire consumers,” said an official from fullty.
Shinsegae Paju Premium Outlet also attracted a premium inventory shopping mall, Re:think, where consumers can purchase refurbished products, including electronic devices like TVs, laptops, smartphones, as well as various luxury goods, accessories, and fashion items.
“Refurbished products offering discounts of up to 80 percent are popular items for marriage,” said a Re:think official. “The number of customers in their 20s and 30s who joined our membership increased by 32 percent as of August from the same period last year.”
Shinsegae Casa Co., formerly known as Casamia, also sells refurbished furniture at its outlets.
IKEA Korea, on the other hand, has been operating a buyback service since 2020 that buys and resells used furniture.
The rapid growth of the refurbished market is due to changing consumption preferences, particularly among the young people.
A survey conducted by local market researcher Embrain Trend Monitor on 1,000 men and women aged between 19 and 59 in April showed that 56.8 percent of the respondents in their 20s said that price was important when they made a purchase. This compares to 58.8 percent of those in their 50s who said quality was more important than price.
By Kim Gyu-sik and Yoon Yeon-hae
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]