PB line sales surge thanks to MZ’ ‘small luxury’ quest

[Courtsy of The Plaza]

Hanwha Hotels & Resorts’ The Plaza said on Tuesday that sales of its in-house private label brand ‘P Collection’ increased by 58 percent in the first quarter of 2024 compared to a year ago.

The Plaza attributes the growth in private brand product sales to the ‘small luxury’ trend centered around the MZ generation, or those born from the early 1980s to the early 2000s. Small luxury is a lifestyle whereby consumer purchases a small treat in the form of luxury products or top-of line products to maximize satisfaction at a low cost.

Sales of The Plaza’s PB products via Naver and Kakao show that 60 percent of customers are in their 20s and 30s, with Kakao Gift Orders from customers in their 30s totaling 42 percent.

As the popularity of PB products rises, The Plaza is expanding its sales channels. The P Collection diffuser set has been available on CJ Olive Young’s official online mall since April 5th, 2024, with plans to expand sales to offline stores starting in May.

“Sales for the P Collection perfume hand cream that we launched in December 2023 increased by eight times in March 2024 compared to sales at the initial launch,” according to a spokesperson from The Plaza, who added, “As demand for PB products grows, we will continue to expand our product lineup and sales channels to expand customers’ options.”