Lotte Department Store, a unit of South Korea's No. 2 retailer Lotte Shopping Co., said Wednesday that consumers in their 60s and 70s have emerged as their big spenders over the past four years.
The number of customers aged 60 or older who were in the top 20 percent of combined sales of the department stores rose 81 percent to 102,000 in 2012, compared with 56,000 in 2008, the department store said.
Between 2008 and 2012, the number of overall customers who were in the top 20 percent of combined sales of the department stores rose 46 percent.
The department store said the wealthy customers aged 60 or older splurge on services and goods for their health and a comfortable lifestyle.
The older, wealthy customers prefer high-quality fresh products, cosmetics and golf gear, Lotte said.
The department said it plans to launch a special promotion, like giving away coupon books to wealthy seniors during its summer sale in a bid to attract more shoppers.