[News Terms] Office Workers Save Lunch Money with 'Meal Prep'

Increased Use of Lunchboxes Due to High Inflation
Food and Distribution Industries Enjoy Meal Prep Boom

The expression ‘OO inflation’ is spreading like a trend due to high inflation. Inflation refers to the phenomenon where prices rise and the value of money falls. Inflation-related neologisms such as ‘bbangpulation’ (bread inflation) due to rising bread prices and ‘myeonpulation’ (noodle inflation) due to rising noodle prices have become particularly noticeable since the 2020s. Prolonged inflation is also a global phenomenon. The Russia-Ukraine war and worsening climate crisis are cited as causes.

‘Meal prep’ has emerged as an alternative to soaring dining-out prices. Meal prep is a compound word of the English terms ‘Meal’ and ‘Preparation.’ It refers to preparing meals for a specific period all at once and eating them at each mealtime. Meal prep enthusiasts share meal prep menus through online communities. On YouTube, video content containing meal prep know-how is recording high view counts.

[Photo by AI Image]

The burden of dining out is expected to increase further. According to the Korea Consumer Agency’s Chamgagyeok, the average price of eight dining-out items in the Seoul area in August rose by up to 8% compared to the same month last year. By item, prices are: gimbap 3,485 won (8.3%), naengmyeon 11,923 won (6.1%), kimchi jjigae set meal 8,192 won (5.1%), samgyeopsal (before conversion) 16,692 won (4.8%), jajangmyeon 7,308 won (4.5%), kalguksu 9,308 won (3.8%), samgyetang 17,038 won (2.8%), bibimbap 10,962 won (1.1%). The phrase ‘everything except salary is rising’ has even emerged.

Office workers’ wallets are getting thinner. According to Statistics Korea’s ‘2024 Q2 Household Trends Survey Results,’ the average monthly income per household was 4,961,000 won, a 3.5% increase compared to the same period last year. However, real income, adjusted for inflation (2.7%), rose by only 0.8%. Meanwhile, average monthly consumption expenditure increased by 4.6% to 2,813,000 won. This marks 14 consecutive quarters of growth since Q1 2021 (1.6%). The increase in real consumption expenditure excluding price fluctuations was 1.8%. Ultimately, this means that money going out of wallets exceeds money coming in.

A ready meal display at Emart Yeongdeungpo branch in Yeongdeungpo-gu, Seoul
Photo by Yonhap News

Office workers trying to save on lunch costs are showing interest in meal prep. According to Shinhan Bank’s ‘2024 Shinhan Ordinary People Financial Life Report,’ 7 out of 10 office workers are making efforts to reduce lunch expenses, and the common method chosen by both male and female office workers was packed lunches. Thanks to this, sales of ingredients for salads and pasta, which are among meal prep menus, are increasing. At E-Mart’s warehouse discount store Traders, sales of eggs increased by 74%, tomatoes by 58%, and salad dressings by 36% last month. The distribution industry, including convenience stores, is also launching various products targeting ‘meal prep enthusiasts.’ According to the Ministry of Trade, Industry and Energy’s ‘First Half Year Distribution Company Sales’ statistics, total sales in the convenience store sector in June increased by 3.8% compared to the same period last year. By item, processed foods increased by 5.7% and instant foods by 1.7%, respectively.

The efforts of office workers to save on lunch costs are expected to continue because the outlook for dining-out prices remains bleak. Although the government has been implementing emergency price stabilization measures since early this year, they have not achieved significant effects in alleviating food price burdens. According to the consumer price trends announced by Statistics Korea on the 3rd of this month, the living cost index rose by 2.1% compared to the previous month. The living cost index reflects perceived inflation.