In the Era of High Inflation, 'Frugal Consumption'... Homeplus Online Sees Popularity in Ultra-Low Prices and Small Portions

Half-Price Promotion Sales Increase by 23%

A model is introducing small-sized products at Homeplus Mega Food Market Gangseo branch in Seoul. (Photo by Homeplus)

[Asia Economy Reporter Lim Chunhan] Recently, as high inflation continues, a frugal consumption pattern that reduces spending at large supermarkets is emerging.

According to Homeplus on the 15th, an analysis of online customer consumption data showed that sales from the half-price promotional event from the 27th of last month to the 2nd of this month increased by 23% compared to the first week of the event (May 19?25). During the same period, sales of meal replacement items grew by 162%, with instant rice, soy sauce and red pepper paste, and nuts ranking among the top-selling products.

Small-sized products are also gaining popularity. As soaring prices increase the burden of food costs, more customers are purchasing only what they need. In fact, sales of single-serving deli items such as seven types of Dundeunhan-kki sandwiches and dishes and three types of Jigeum-han-kki bibimbap on Homeplus online surged by 616% compared to the same month last year. Sales of single-serving tofu items rose by 138%, and sales of meal replacement items such as small container instant rice and small cup ramen increased by 150%.

A Homeplus official said, “As sensitivity to prices has increased due to rising living costs, the frugal consumption trend is expected to continue,” adding, “Homeplus, leading the price stabilization project, will quickly respond to changes in customer consumption patterns and establish itself as a cost-effective supermarket.”