More consumers turn to group buying for bulk sales amid rising prices

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A single woman surnamed Kim in her late 20s said she is looking forward to meeting up with two of her “bulk shopping friends” every other Sunday.

“The first time I joined, I was nervous,” said Kim, a resident of Sejong. “I wasn’t sure if it would be awkward meeting strangers just to buy rolls of toilet paper. But now, I look forward to these trips.”

The remaining two are women surnamed Lee, who is in her 40s, and Park, who is in her 60s. They are all members of an online community called the “Costco Sharing Group.”

The community has over 800 members and is a part of a fast-growing trend where residents of the same area go shopping to share bulk purchases.

They meet, buy and divide a range of goods, including toilet paper, snacks, fresh fruit and cleaning supplies.

Lee said she no longer has to worry about finding space at home to keep the cheaper bulk-sized items after buying.

“Everything was cheaper, but too big and too many,” Lee said. “A five-liter detergent jug? That would last me more than a year.”

But now, when she sees a deal, she simply posts it on the group board: “Looking to split laundry detergent.” She usually finds two or three people to join her in less than an hour.

“Of course, I save money,” she says. “But what I really appreciate is the sense of community. After the COVID-19 pandemic, it felt like everyone was isolated. This group buying thing is bringing neighbors together in such a simple but meaningful way," Lee said.

This trend is gaining traction, buoyed by the need to save living expenses amid rising inflation.

According to Karrot Market, an online second-hand item shopping platform, the number of newly formed “sharing groups” spiked 411 percent in the first half of this year compared to the same period last year.

“Value spending is becoming popular as an increasing number of consumers are prioritizing practicality and sustainable consumption,” said Andrew Lee at Karrot Market.

“Many are sort of bonding at a time when inflation is hitting them hard. The group buying and sharing helps them save money, reduce waste and build stronger neighborhood ties. We will continue to work to build a community where neighbors can connect based on their shared interests in their everyday lives," Lee said.

Meanwhile, Statistics Korea said the country’s consumer prices rose 2.2 percent in June compared to the previous year, the highest increase in five months.

The figure exceeded the central bank target of 2 percent, driven by processed foods which rose 4.6 percent.

Bread, coffee, ham, bacon and instant noodles rose up to 12 percent from the year before.

The statistics agency said the recent increase in food prices is explained by rising input material costs being passed onto consumers.