With most consumers planning to partake in out-of-home activities during the festivities, dining out (42%) emerges as the favoured way to celebrate Lunar New Year festivities, followed by 24% planning to shop for gifts and 21% going out to watch movies, karaoke or bowling. While 75% of consumers plan to visit On Premise venues in a city/major city for celebrations, 40% intend to visit venues outside the city for the occasion, showcasing a desire for unique experiences.
As consumers prepare to venture out for food and drinks, beverage brands have a unique chance to become an integral part of the Lunar New Year celebrations. Beer (59%), Soju (47%), soft drinks (25%), wine (20%) and highball drinks (17%) are poised to be the drink of choice during this festive period, highlighting the opportunity for brands to align their offerings with consumer preferences and cater to their thirst for traditional and refreshing beverages.
Traditional Korean outlets hold a special place in consumers’ hearts during the Lunar New Year, with 50% opting to dine at Korean restaurants and 37% at Korean BBQ restaurants. Moreover, 32% of consumers also intend to visit Korean traditional restaurants when visiting the On Premise for drinks. Additionally, there’s a notable preference for Sushi restaurants, with 20% of consumers opting for drinks and 27% for food-led visits during the celebrations.
For beverage brands, this presents a golden opportunity to align their offerings with traditional cuisine and cater to consumers’ tastes and preferences for local and well-known brands. With 63% of consumers favouring local brand drinks and 65% preferring well-known brands, quality and familiarity are paramount in driving consumer decision-making.
Jaepil Sohn, CGA’s Client Solutions Associate Director, “Celebrating the Lunar New Year presents an exceptional opportunity for beverage brands to immerse themselves in South Korea’s On Premise market. As consumers eagerly anticipate festivities filled with joy and togetherness, there’s a heightened demand for quality beverages to complement their dining experiences. This auspicious occasion not only allows brands to engage with consumers on a profound cultural level but also offers a platform to create lasting connections, making it a pivotal moment for brands to shine.”
As South Korea prepares to welcome the Lunar New Year, beverage brands have an unprecedented opportunity to shine within the On Premise channel. By embracing tradition, crafting memorable experiences, and leveraging data-driven insights, brands can position themselves for success and become an integral part of consumers’ celebrations.
Download the January On Premise Consumer Pulse Report here.
CGA by NIQ’s Consumer Pulse report uses OPUS data to provide expert analysis of consumer engagement with South Korea’s On Premise, including frequency of visit, future plans and the latest preferences by channel, drinks category and more.
CGA by NIQ’s OPUS solution provides expert analysis of engagement with South Korea’s On Premise and is the ideal single-source solution for both short-term gains in category and channel share and long-term strategic planning. Bespoke research is also available to explore topics, channels and categories in greater detail. To discover more, contact Jaepil Sohn at email@example.com.