Price-conscious consumers flock to fresh food sales

An office worker eats lunch at a convenience store in Seoul on May 25. Newsis

By Kim Jae-heun

Lunchboxes and other processed fresh food items that are about to expire have become hot items among price-conscious consumers, who can buy them at discounted prices amid soaring inflation, according to retail industry officials Monday.

Among such consumers seeking cheap eats as food prices inch up are regular everyday office workers as they head out for lunch.

"My company does not support my meals so I have to pay for food every day. Recently, all restaurants near my office have raised their prices and I started to eat lunch at convenience stores where they sell cheap frozen food. It is a good option for me," a 32-year-old office worker surnamed Kim said.

Jang, another office worker said he has been purchasing close-to-expiry food for his lunch ever since inflation struck economies globally early this year.

"Fruit and salads that will expire in a day or two are sold for 40 percent off at E-mart. I've been eating simple food I purchased at retail store chains to save money for a while now, just because the living cost has gone so high," Jang said.

GS Retail, which operates the GS25 convenience store chain, has been known to discount its foods by up to 60 percent. They are mostly fresh food with imminent expiration dates or unpopular products that did not sell well.

For convenience stores, they can reduce the cost of inventory disposal, while consumers can buy the products for less, so both parties are satisfied.

As a result, sales of discounted products doubled in May compared to January. Consumer prices grew above the 5 percent range here in May.

"As the cost of living increases here, more consumers are looking for cheaper items or ways to purchase them at lower prices. We are selling lunch products at 50 percent discounts five hours before their shelf lives expire," a GS Retail official said.

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