First New Formula Products in 9 Years... Market Buzzes as Marriages and Births Rise

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As marriages and births increase, related markets are seeing a surge in vitality. The retail industry is expanding benefits for prospective couples, while formula manufacturers are releasing new products for the first time in years.

Reporter Chae Heesun has the story.

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This is a baby fair, an exhibition for maternity and childcare products.

Couples expecting a baby look over items necessary for their child.

[((Expected delivery date) November.) The things we need first are a newborn top, swaddle….]

Many families are also planning for a second child.

[Yoo Ha-rin / Eojin-dong, Sejong City: It seems like a lot of people are having babies. When mothers get together, some even say they are planning to have a second child.]

From the beginning of this year through July, the number of marriages increased by 6.1% and the number of newborns rose by 14.7% compared to the same period last year.

The annual number of marriages also increased for three consecutive years from 2023 through last year.

With both marriages and births rising together, the related consumer market is growing once again.

Shinsegae Department Store has reintroduced a wedding membership offering various benefits to prospective couples for the first time in 9 years, while Hyundai Department Store has increased its wedding fairs from twice to four times a year.

[Shin Dong-hwan / Manager, PR Team, Hyundai Department Store: To reflect recent trends where weddings are not concentrated in a specific season, we are holding wedding fairs once every three months, moving away from the past practice of focusing only on peak wedding seasons.]

The apparel brand Maestro has introduced a service that provides free rentals of tuxedos and suits for wedding photo shoots to customers who purchase wedding suits.

The formula industry is also making moves.

Maeil Dairies released a new product last year for the first time in 7 years, and Namyang Dairy Products launched a new product this July for the first time in 9 years.

The domestic formula market, which succeeded in rebounding with a 6.7% increase last year, is projected to grow by over 5% this year as well.

[Kim Kwang-seok / Adjunct Professor, Hanyang University: Following 2022, a significant wave of marriages and births is continuing. In particular, those born in the 1990s account for a relatively high population share, and through this process, the maternity and child products markets are expanding.]

As the long-awaited wedding and childbirth boom finally arrives, product launches and promotional competition in related sectors are expected to intensify further.

(Video Journalist: Kim Min-chul, VJ: Lee Ji-hwan, Design: Han Heung-soo, Kim Ye-ji)
※ Please note: This article was translated by AI and may contain errors.