日本啤酒与服饰品牌在韩国消费回暖，但对上市公司短线利润弹性不足

Consumption of Japanese products, which had contracted amid the "No Japan" boycott, is expanding into everyday life on the strength of quality and brand competitiveness. Japanese beer is continuing its growth in a sluggish domestic liquor market, while Japanese fashion brands are entering Korea one after another, raising their presence.
According to industry sources, Japanese premium beer is showing clear growth in both dining and retail channels. On-trade (restaurant and bar) draft beer sales from January to May this year rose 27% and 32% year-on-year for Sapporo and Yebisu, respectively, according to figures compiled by M's Beverage, the domestic distributor of the two brands. The Sapporo Beer Stand, which opened in Seoul's Seongsu-dong in July last year, recorded about 47,000 cumulative visitors and around 96,000 glasses of draft beer sold over one year. This means each visitor enjoyed an average of about two glasses of draft beer.
At convenience store GS25, Japanese beer sales in the first half of this year also increased 31% year-on-year. Top-selling products included many Japanese draft beer cans such as Asahi draft beer cans and Sapporo draft beer cans. "As the number of travelers visiting Japan increases and consumers seek out at home the tastes they experienced locally, demand for Japanese beer is steadily rising," a GS25 official said.
The offensive by Japanese brands is also continuing in the fashion market. Japanese fashion company Tokyo Base opened the first domestic store of its brand "United Tokyo" in Seoul's Apgujeong early this month. United Tokyo is a brand that touts material competitiveness based on Japanese production and minimalist design as its strengths.
The industry sees the entry into the Korean market as a move that took into account the recent trend of growing demand among Korean consumers for Japanese fashion. Tokyo Base established its Korean subsidiary last year and has been fully expanding its Korean business since opening the select shop "Studious" in Apgujeong in March of the same year.
Sales of about 20 Japanese brands carried at Handsome's select shop "Mue," including "Maison Mihara Yasuhiro" and "Kamiya," also grew more than 50% year-on-year from January to May this year. In particular, 60% of the customers buying these brands are in their 20s and 30s, with younger consumers leading Japanese fashion consumption.
"Captain Sunshine," a Japanese designer brand run by Samsung C&T's fashion division, also recorded cumulative sales of 120% of its target through last month, after opening its first domestic store at Shinsegae Department Store's Gangnam branch in October last year. Recently, blousons and work-shirt outerwear made from cotton-linen blend gabardine fabric drew strong responses and sold out. A short-sleeve pocket T-shirt introduced as a Korea-exclusive product also gained popularity. Buoyed by the positive results, the company is reviewing additional standalone store openings in the second half.
"Japanese fashion brands, which tout excellent materials and high completeness as their strengths, are being chosen by domestic consumers because their value stands out even more the longer they are worn," an industry official said.