Budget-conscious consumers flock to convenience stores for lunch

The Korea Times

The Korea Times

Business

Sat, September 23, 2023 | 11:01

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Budget-conscious consumers flock to convenience stores for lunch

Posted : 2023-03-01 08:24

Updated : 2023-03-01 17:06

A convenience store clerk scans lunch packs at a convenience store in Seoul on Jan. 17. Yonhap

By Kim Jae-heun

A 34-year-old office worker surnamed Kim said he does not have many choices for lunch these days as it costs at least 10,000 won ($7.5) to eat at a restaurant.

"My wife only gives me a 500,000 won monthly allowance from my salary which I use to buy lunch and drink coffee. In other words, I have 16,129 won to spend a day and if I want to save some money, I have to reduce my lunch cost," Kim said.

A 28-year-old college student surnamed Lee works part-time at a coffee shop and gives private tutoring lessons to high school students to pay rent for his flat and make a living. A recent surge in food prices has forced him to cut costs when dining out by choosing more cost-effective lunch packs sold at convenience stores.

"Saving at least 5,000 won a day helps a lot. I need extra money to hang out with my friends and go on dates with my girlfriend, which means I can't afford to spend more than 10,000 won per meal. Convenience store lunch boxes are the best option," Lee said.

Cheap lunch packs sold at local convenience stores have grown popular among young customers as dining prices continue to rise.

GS25, a convenience store operated by GS Retail, said sales of its new "Hyeja" lunch pack launched on Feb. 15, increased by 350 percent compared to that of similar lunch items.

As the cost of living increases and more consumers visit convenience stores to buy lunch, GS25 re-launched its Hyeja lunch items priced at 4,500 won. The first series of the lunch packs was introduced in 2010 and instantly garnered much popularity among young consumers for their affordable price tag.

GS25 said sales of lunch packs soared 41.2 percent last year, quintupling compared to 2020.

BGF Retail's convenience store brand CU also introduced a 5,000 won-range lunch pack in collaboration with popular restaurateur Paik Jong-won.

"Our lunch box meals are cheap, but they include various side dishes. They are very popular among students and office workers these days," a BGF Retail official said. "We are increasing the production of lunch packs to sell at our convenience stores to meet the rising demand from young customers."

In 2022, CU's lunch pack sales grew 24.6 percent. Its revenue for simple food items from Jan. 1 to Feb. 8 this year increased by 22 percent compared to the same period last year.

jhkim@koreatimes.co.kr