Sales of K-beauty products surged, while traditional dining venues saw a decline.
Fans showed greater interest in purchasing K-beauty items than dining.
[TVDaily Reporter Kim Ji-Hyun] BTS’s Gwanghwamun concert has significantly altered the consumption landscape in downtown Seoul. Although overall sales remained similar to last year, sectors led by foreign visitors and the MZ generation saw sales double. According to a report from Korea Economic Daily, Hyundai Card analyzed card spending data from three days around the concert (March 20-22), revealing that card spending within 500 meters of Gwanghwamun Station was approximately 321.1 million won, a slight 0.53% decrease compared to last year. This decline is attributed to the strict crowd control on the concert day. Conversely, foreign visitor spending surged by 74.3% over the weekend, with an astonishing 198.7% increase on the day following the performance, highlighting the 'post-concert consumption' trend. Importantly, drugstores, known for K-beauty products and fan goods, experienced a whopping 107.6% increase in sales, while traditional food venues saw a 4.3% decline, indicating stronger interest from fans in purchasing K-beauty products rather than dining.
BTS has transcended being merely an idol group to become a global cultural icon. Their music and messages significantly influence the changing consumption trends among the MZ generation, particularly in promoting K-beauty consumption. This trend is not only evident in the post-concert shopping behavior but can also be viewed as part of the broader growth of fandom economics.
K-beauty enjoys popularity on a global scale, and its merger with the BTS fandom generates substantial synergy. The dramatic increase in drugstore sales exemplifies the significant influence that BTS's brand power and the K-beauty industry exert collectively. Their fans are not just supporters but active participants, positively impacting the industry through their purchasing behavior.
Such fandom economics plays a pivotal role in promoting the globalization of Korean culture, laying the groundwork for industries like K-beauty to flourish. Artists like BTS are expected to further expand this trend, contributing to the sustainable growth of various sectors influenced by their fandom.
This article is KOSTAR’s reinterpretation of a story originally reported by TVDaily.
Photo: TVDaily
