South Korea's whiskey imports hit an all-time high for the same period In the first quarter of this year. It is the second-highest quarterly figure in history. This surge in whiskey's popularity, especially among millennials and Generation Z (those born between the 1980s and 2000s), is expected to continue after wine during the COVID-19 pandemic.
According to the Korea Customs Service's trade statistics on Monday, whiskey imports such as scotch, bourbon and rye totaled 8,443 tons, a 78.2% increase from the same period last year.
This is the highest figure for the first quarter since 2000 when related statistics were first available. It is also the second-highest figure for any quarter, following the last quarter of last year (8,625 tons).
Whiskey imports have been on a sharp rise recently. From 4,738 tons in the first quarter of last year, it increased to 6,451 tons in the second quarter, 7,224 tons in the third quarter, 8,625 tons in the fourth quarter and surpassed the 8,000-ton mark in the first quarter of this year.
The whiskey market had been sluggish due to the enforcement of a 5-day workweek, the 52-hour workweek, the anti-graft law and the growing trend of avoiding hard liquor, such as so-called "bomb cocktails."
However, the market has regained vitality due to COVID-19. With the culture of drinking alone or at home becoming more common during the pandemic, young people who pursue special tastes, experiences and stories have become more interested in whiskey.
Highball cocktails, which combine whiskey with carbonated water or tonic water, are popular among millennials and Generation Z, and whiskey is no longer seen as an expensive drink for a certain class, but as a more mainstream drink. Recently, whiskey is even available at convenience stores near residential areas.
In fact, the whiskey being imported recently is relatively affordable. In the first quarter of this year, whiskey imports amounted to $64.77 million, up 24.0% from the same period last year, but the increase in value was much lower than the increase in volume (78.2%).
The price per ton of imported whiskey was around $11,000 in the first and second quarters of last year, but it dropped to $9,600 in the third quarter and $8,500 in the fourth quarter. In the first quarter of this year, it fell to $7,700. This means that relatively low- to mid-priced whiskey is being imported more than expensive whiskey.
The popularity of whiskey is expected to continue for the time being. Recently, not only whiskey manufacturers and importers but also large-scale supermarkets and convenience stores are expanding their whiskey product lines or actively promoting discounts and promotions like they did during the wine trend caused by COVID-19.
Write to Ji-Yoon Yang at
yang@hankyung.com
