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Oil prices rise, more Koreans choose 'home consumption'
Beijing, April 15 (Xinhua) -- Affected by high oil prices and their chain reaction, more and more South Koreans are changing their consumption behavior, and "home consumption" is becoming a new trend. As a result, the demand for home entertainment and catering related products has surged, while tourism and outdoor activity consumption have decreased.
On the 14th, according to the latest industry data cited by the Korean Commercial Telegram, one of the major retailers in South Korea, Yimaide's sales of game consoles and related accessories increased by about 166% in March compared to the same period last year. Sales of rice and ready to eat meals at home increased by 30.4% and 5% respectively year-on-year. At the same time, sales of outdoor and camping supplies decreased by over 20% year-on-year.
The entire Korean retail industry is also showing a similar trend. The merger data of Lotte Mart and Lotte Supermarket shows that the sales of rice and fast food have increased significantly year-on-year, and the sales of gaming related products have more than doubled; The sharp decline in demand for camping equipment, travel supplies, and car supplies reflects a decrease in long-distance travel against the backdrop of rising fuel costs.
This change is also evident in the online sales field. On the New World Department Store shopping website in South Korea, novel sales surged by 233% year-on-year, game related products grew by 217%, and sales of frozen fast food and bulk rice also increased significantly. It is worth noting that the sales of 20 kilogram rice packages have more than doubled, indicating that households are purchasing in large quantities as they spend more time at home.
On the 14th, the Korea Times quoted Professor Lee Eun hye from Inha University in South Korea as saying, "Given the high oil prices and the difficulty of easing inflation in the short term, consumers first cut non essential expenses related to hobbies and leisure. Even when going out, they tend to shorten their travel distance and reduce dining expenses outside
Faced with the trend of "home consumption", Korean retailers are rapidly adjusting their strategies and launching promotional activities focused on food, groceries, and home leisure products. Yimaide has launched large-scale discounts on food and household essentials, while Lotte is focusing on promoting its own brand products to attract consumers who value cost-effectiveness.
South Korea is highly dependent on imports for energy, with approximately 70% of its oil and 20% of its liquefied natural gas coming from the Middle East region. Due to the recent serious impact of the Middle East conflict on international energy supply, gasoline and diesel prices in South Korea have surged.
Industry insiders say that even if geopolitical tensions ease, the trend of "home consumption" in South Korea may continue, as Korean households are readjusting their consumption priorities under ongoing cost pressures. (Qiao Ying)
(Editor in charge: Ma Changyan)
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