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Staff Reporter
What do the $1 million Enzo Ferrari, $65 Chanel eye and face makeup, $62 Lady Godiva chocolate and the $2,000 Mont Blanc Oscar Wilde fountain pen have in common? Apart from its eye-catching price, only the countable, select elite is liable to own any of them.
``If you own something that's a special edition, you suddenly feel like you've become something,'' Lee Hwa-jun, a brand marketing researcher at Cheil Communications, said.
``That's the driving force behind the marketing of special editions and more local marketers have recently noticed the trend.''
Special or limited editions goods imply extraordinary and rare quality, convincing consumers that the item is somehow better and unique, because it is more expensive.
While these have been common in the U.S. and European markets _ where goods ranging from food, cars, pens, clothes, sunglasses to all sorts of electronics are packaged under a special name _ they haven't been all too noticeable in the local market until lately.
Koreana Cosmetics released a ``Chuseok'' (Korean thanksgiving) special edition skincare set decorated with precious mother-of-pearl.
``The design was made intricate so that those who receive the set as a gift will feel even more special,'' said Koreana spokesman Baek Jin-ju.
Priced at around 100,000 won to 200,000 won _ slightly higher than its usual products _ Baek says the limited availability set is already backed up on pre-orders.
Industry insiders said LG Electronics enjoyed strong sales of its Roberto Cavalli-designed special edition U8360 model, which was only offered to 999 buyers in Italy.
Also in the game of special editions, Samsung Electronics in June released a 70-inch full high definition LCD TV priced at nearly 60 million won. One hundred of the world's largest television set were sold by special order only.
``The price says it all,'' said Lee. ``Only the privileged, the top rich consumers are able to buy a TV that costs so much.''
He explained that when companies put out special edition goods, they either go for upping their brand image or sales, but the target must be set out clearly or else it's failure.
``Mont Blanc is an example of excellent branding,'' marketing consultant Lee Hyo-taek said. ``They come at an incredibly high price, but sales continue to go up because there's a set base of loyal consumers who buy either for the status or their collection.''
Market observers say they are seeing an increase in the ``Uber Premium'' buyer base _ status-craving consumers looking for the next exclusive-goods, services and experiences out of the reach of others.
Although special and limited edition goods are selling well, Lee of Cheil says, consumers now want more than what's limited.
``They don't want things made and handed to them. They want to design on their own _ to perfectly fit their needs,'' he said, referring to Cyworld (the top local social-networking site) mini-homepage, in which users can freely design with a basic interface. ``Pretty soon, more merchandise makers will be shifting toward that direction where consumers get to do all the work.''
jhan@koreatimes.co.kr
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