Convenience Store 'Consumption Polarization'... "Foreign Cars and Gold Bars Sold"

Value-for-Money Gift Sets Under 50,000 Won 'Strong'
Emart24 Sells BMW Worth 67.4 Million Won
GS25's Gold Bar Sales Surpass 300 Million Won

The polarization of consumer spending is clearly evident in convenience store sales of Lunar New Year gift sets. This year, amid weakened consumer sentiment, cost-effective (price-performance) products are gaining popularity, while exotic gifts such as imported cars and gold bars have been sold, attracting attention.

According to CU on the 19th, sales of Lunar New Year gift sets from the 4th to the 17th of this month increased by 15.7% compared to the previous year. During the same period, GS25 saw a 42.7% increase, Seven Eleven 15%, and Emart24 37%. In particular, affordable gift sets showed strong performance. At CU, sales growth rates were 13.2% for under 50,000 won, 10.9% for 50,000 to under 100,000 won, and 6.2% for 100,000 to under 300,000 won. At GS25, low-priced products showed high growth rates with 172% for under 50,000 won, 47% for 50,000 to under 100,000 won, 21% for 100,000 to under 200,000 won, and 9% for over 200,000 won.

Convenience stores have expanded the variety and quantity of cost-effective gift set items. CU increased the number of practical products under 100,000 won by 40 types compared to last year. At GS25, customers can find various products such as Korean beef, fruits, seafood, canned goods, and shampoo. Seven Eleven introduced various character-themed products at affordable prices, and Emart24 offered pet supplies and home cleaning service vouchers.

Mercedes-Benz E-Class and BMW 5 Series.
[Photo by Emart24]

This year’s ultra-premium products sold include imported cars, gold bars, and wine. Emart24 sold a ‘BMW 520i MSP’ worth approximately 67.4 million won. The buyer was a man in his 30s from the Seoul area. Currently, four more customers are in consultation for purchase.

GS25 launched Golden Rabbit Gold Bars 37.5g and Golden Rabbit Coins 37.5g to celebrate the Year of the Rabbit, achieving sales close to 300 million won. At CU, wines and whiskeys priced over 300,000 won and electronic and home appliances over 1 million won are popular, while Seven Eleven sold two high-end strollers priced around 1.7 million won and five bottles of wine priced between 1.4 and 1.7 million won.

Convenience stores have emerged as outlets for high-priced products over the past few years. Emart24 sold three screen golf boxes last year, each priced close to 60 million won. CU sold three mobile homes in 2021, including luxury duplex and single-story models. A convenience store industry official said, "We are very pleased that high-priced products, which boldly challenged the boundaries of categories and prices recently, have actually led to sales," adding, "We will continue to introduce differentiated products that analyze customer demand and preferences."