Online shopping malls offer huge discounts to attract 'retaliatory consumers'

By Park Sae-jin Posted : May 11, 2020, 12:13 Updated : May 11, 2020, 12:13

[Gettyimages Bank]

SEOUL -- South Korean online shopping mall operators will offer huge discounts of up to 72 percent in an effort to attract "retaliatory consumers" who are left with nothing but a strong urge to relieve their stress by spending their money after weeks of social distancing due to a coronavirus epidemic.

Retaliatory consumption is a new term that has emerged in the Asian region describing the behavior of consumers living the era of the pandemic.

Previously, experts have shown a mixed reaction to the idea of people going on a shopping spree as compensation for mental and physical stresses they have received. However, reflexive acts were seen widely in South Korea after an epidemic erupted.

TMON, a popular social media shopping service operator, has seen a wave of stressful consumers who were looking for anything to buy. TMON saw a 36.6 on-year increase in sales during the first week of May compared to the same period of last year.

In an effort to attract more customers, TMON will issue coupons that provide a maximum discount of up to 150,000 won ($123) every day from May 11 to 17. 11ST, an online shopping mall, will hold a special quiz event to offer a discount of up to 72 percent for popular products such as Apple's AirPods Pro, a pair of wireless earphones.

The online commerce industry was not the only sector that received unexpected benefits from retaliatory shoppers. Sales at South Korea's department stores were up to 13 percent between April 30 and May 3 as customers spent money, which was originally planned for traveling abroad, to buy luxury goods and other expensive products.

Kim Kyu-sik, a 43-year-old medium-sized retail business operator, said he used some 10 million won for retaliatory spending. "I have bought a whole new home theater system. I might as well enjoy the new sound since I stay at home most of the time due to the COVID-19 situation," Kim told Aju News. He said that his friends showed similar behaviors to buy new cars or luxury watches.
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