30-Something Bachelors Splurge in Dept. Stores
By Kim Hyun-cheol
Staff Reporter
Bachelors in their 30s are making up a growing portion of department stores' customers.
According to Shinsegae Department Store, 30-somethings accounted for 42 percent of all male buyers, up 12.5 percentage points from the same survey three years ago.
In 2006, those in their 30s had the biggest purchasing power among men but only by slight margins over those in their 40s and 50s. This year, 40-somethings and 50-somethings saw their purchasing share contract. The male clientele aged 40 to 49 lost 7.5 percentage points to 19.2 percent and 50-somethings dropped by 4.2 percentage points to 20.5 percent.
``The share of male customers in their 30s has been constantly rising in recent years, as more single men in that age group tend to spend more on fashion and other grooming products,'' a Shinsegae spokesman said.
Department stores are targeting the young bachelors because they don't hesitate to purchase high-end luxury brands even amid the economic slowdown.
Sales of men's watches soared 35 percent at Shinsegae in the first five months of this year, with most popular products priced at over 3 million won ($2,405). The increase is attributed to those in their 30s choosing to open their wallets.
At Hyundai Department Store, the number of male buyers for luxury fashion items such as shoes and bags rose by more than 30 percent from 2006.
Inter-department store competition is heating up to attract more male customers.
Shinsegae opened an accessories store exclusively for men in April, following the launch of a flagship shop for men's fashion goods in 2007. It also operates a shop devoted to luxury watches in its Gangnam store.
Hyundai is also running a couple of shops for male customers, including a multi-brand space for casual business clothes at its Mokdong store.