'Tight Budget Meal Hacks' for Thinner Wallets... Lunchboxes Priced Around 2000 Won Are Back

Lunchflation Intensifies Amid High Inflation
Convenience Store Lunchbox Sales Soar
Sharp Increase in Office and University Districts
Purchases Under 5000 Won Rise

[Asia Economy Reporter Lim Chun-han] Jo, an office worker in Gangnam-gu, Seoul, heads to a convenience store every lunch break. Even buying a single bowl of naengmyeon, a representative summer lunch menu, feels burdensome at the price of 16,000 won. He complained, "These days, I'm almost scared to go to restaurants," adding, "Everything seems to have gone up except my salary. Just a day of weekend dating costs about 100,000 won, so shouldn't I at least try to save on weekday lunch expenses?"

Recently, as continuous price hikes have thinned wallets, more people are turning to convenience store lunch boxes. Especially, as more consumers actively cut spending, lunch boxes priced under 5,000 won have seen increased purchases.

According to CU on the 1st, the share of lunch boxes priced under 4,000 won among total lunch box sales rose from 10.4% in July 2020 to 11.8% this July. During the same period, those priced between 4,000 won and under 5,000 won increased from 65.5% to 67.3%. Conversely, lunch boxes priced over 5,000 won decreased from 24.1% to 20.9%. This is analyzed as a result of the spread of the 'No-Spending Challenge,' where young people try to endure the whole day without spending a single won, leading to more efforts to save on lunch expenses.

Similar trends appeared in Emart24’s analysis of lunch box sales by price range. The share of lunch boxes under 4,000 won increased from 3% in July last year to 5% this July. Those priced between 4,000 won and under 5,000 won decreased slightly from 87% to 86%, and those over 5,000 won dropped from 10% to 9%.

Convenience store CU is selling lunch boxes to office workers.

The number of lunch box products priced under 5,000 won is overwhelmingly dominant. This is because 5,000 won is a kind of psychological price ceiling for consumers when choosing lunch boxes. Currently, CU sells 4 types under 4,000 won, 15 types between 4,000 won and under 5,000 won, and 9 types over 5,000 won. GS25 offers 11 types between 4,000 won and under 5,000 won, and 6 types over 5,000 won. Seven Eleven sells 1 type under 4,000 won, 14 types between 4,000 won and under 5,000 won, and 6 types over 5,000 won. Emart24 operates 2 types under 4,000 won, 30 types between 4,000 won and under 5,000 won, and 3 types over 5,000 won.

In particular, convenience stores are expanding affordable lunch boxes in line with the high inflation era. CU partnered with cooking researcher Baek Jong-won to launch two ultra-low-priced lunch boxes?Cheongyang Fish Cake Rice Bowl and Sausage Kimchi Rice Bowl?at 2,900 won each. Last year, the average price of convenience store lunch boxes was around 4,500 won, making this the first time in about three years that 2,000 won range lunch boxes have been released at CU. Seven Eleven introduced a Kimchi Pork Rice Bowl lunch box priced at 3,900 won. This product features a harmonious blend of the spicy-sweet flavor of stir-fried pork and the crisp, refreshing taste of kimchi, offering a highly cost-effective meal. Emart24 sells Sweet and Sour Inari Sushi at 2,500 won, using tofu skin made from soybeans and high-quality Chucheongmi rice. The Nostalgic Lunch Box is priced at 4,000 won and consists of traditional side dishes such as round ham, rolled omelet, fish cake, pork, kimchi, and seaweed.

As the lunchflation (a portmanteau of lunch and inflation) phenomenon intensifies, convenience store lunch box sales are soaring. According to CU, from the 1st to the 28th of last month, total lunch box sales increased by 35.8% compared to the same period last year. During the same period, GS25 saw a 50.4% increase, Seven Eleven 40%, and Emart24 49%. Particularly, lunch box sales surged in office districts and university areas. CU reported a 35.6% increase in office districts and 39.4% in university areas. GS25 saw a 31.6% rise in office districts and 36.1% in university areas.

A convenience store industry official said, "As dining-out prices continue to rise, the trend of preferring cost-effective lunches is expected to persist for the time being," adding, "We plan to continuously expand our product lineup to provide delicious meals that meet the needs of customers who practice frugal consumption."

Professor Lee Eun-hee of Inha University’s Department of Consumer Studies stated, "Seeking affordable lunch boxes at convenience stores and using last-minute discounts, known as 'jjantech,' can be seen as strategic actions to overcome the current household difficulties and prepare for the future," diagnosing, "Consumers have chosen this as one way to wisely navigate the high inflation situation."

This content was produced with the assistance of AI translation services.