news

Xinhua News Agency, Beijing, August 23 - Faced with soaring prices, many Koreans have begun to be thrifty when shopping, and merchants have also taken advantage of the opportunity to launch smaller and cheaper "thousand-yuan products" (1,000 won is approximately 5.33 yuan), which are selling well.

Citizens of Seoul, South Korea, shop in a supermarket on July 5, 2022. Photo by Xinhua News Agency reporter Wang Yiliang

According to South Korea's JoongAng Ilbo, "1,000-won snacks" are becoming a hot product in the Korean market. The food company Orion has reduced the price of seven snacks, including potato chips, to 1,000 won for the first time by "slimming" the packaging, setting a new record low. According to the company, this move is not to maintain or reduce prices, but to provide some convenience to consumers facing life pressures.

Another popular product is the "1,000-yuan beer". In April and June this year, the convenience store "7-11" launched a number of low-priced beer products, and the inventory of more than 200,000 cans was sold out in just a few days each time. Another large supermarket chain Homeplus also launched its own low-priced beer brand, and sales reached 70,000 cans in three days after it was launched.

In the fresh food sector, the number of thousand-won products is also increasing. SSG.com, an e-commerce platform owned by South Korean retail giant Shinsegae, sells a variety of vegetables, including garlic, onions and mushrooms, for 1,000 won. Many chain stores have also launched their own brands of thousand-won products, such as super cheap tofu.

South Korean media believe that this market change reflects the change in consumption attitudes of young people in their twenties and thirties. In the past, young people believed that "you only live once" and bought whatever they wanted, but now it has become "you only need one", and they only prioritize buying a certain amount of daily necessities.

Young Koreans have also become cautious about goods in other areas. According to a trend report released by Nonghyup Bank, young people spent less in the first half of this year compared with the same period last year, especially on luxury goods such as accessories and watches. Their spending on coffee has also dropped significantly, with spending on coffee brands such as Starbucks decreasing by 13% and spending on more affordable coffee brands increasing by 12%.

The Central Daily News quoted a report by CNN in June, pointing out that consumers around the world have generally become more cautious, and even high-income Americans now like to shop at discount stores, while some retailers are lowering prices to attract budget-conscious shoppers.

(Source: Xinhua News Agency)

For more exciting information, please download the "Jimu News" client from the application market. Please do not reprint without authorization. You are welcome to provide news clues, and you will be paid once adopted.