Hyundai Department Store's 'The Hyundai Hi' Mall Attracts Affluent Young Consumers

Hyundai Department Store's specialized curation mall, 'The Hyundai Hi,' launched in April, is demonstrating strong performance with an average transaction value surpassing 240,000 won. This figure is 41% higher than that of existing platforms like The Hyundai.com and Hyundai Food Market Tu:home.

The mall is successfully attracting a key demographic: the '3040 new rich.' These consumers, aged between 30 and 40, are increasingly willing to spend on products that reflect their personal tastes and lifestyles. The proportion of customers in this age group on 'The Hyundai Hi' has risen from 64% to 72% since its launch.

This younger customer base, with an average age of 40.8 years, is significantly younger than the average age of users on other Hyundai Department Store online channels, which stands at 52.2 years. This shift indicates a successful strategy in capturing a new, affluent consumer segment.

'The Hyundai Hi' differentiates itself by focusing on a 'luxury taste collection,' carefully selecting items that appeal to discerning consumers rather than simply offering high-priced goods. This strategy has led to a notable increase in purchases from this high-spending demographic. Top-selling items include a 30 million won refrigerator, a 20 million won premium scooter, and a 10 million won designer sofa, alongside Formula 1 tour packages.

Industry observers attribute this success to Hyundai Department Store's ability to combine its extensive brand network and VIP customer data with its online channels. The approach emphasizes personalized brand pages and targeted product exposure based on customer interests, moving away from pure price competition. The company plans to further strengthen 'The Hyundai Hi's' position as a premium e-commerce platform by adding more global luxury brands and expanding its exclusive product offerings through collaborations.