South Korea’s convenience stores have introduced a new and surprising item on their menu – gold bars. This trend has quickly gained popularity among consumers, with the country’s largest convenience store chain, CU, collaborating with the Korea Minting and Security Printing Corporation (KOMSCO) to offer mini gold bars to customers.
The mini gold bars are available in a variety of sizes, ranging from 0.1 gram to 1.87 gram, and are priced at 225,000 won ($165.76) for the larger bar and 77,000 won for the smaller one. The 1 gram bars were quickly sold out within two days of their launch, indicating a high demand among consumers. The bars come with personalized messages and designs, making them a unique and attractive purchase for many.
Interestingly, consumers in their 30s have been the most active in purchasing these gold bars, accounting for over 41% of total sales. This is followed by consumers in their 40s at 35.2%, those in their 50s at 15.6%, and people in their 20s at 6.8%. This demographic breakdown shows a wide range of age groups showing interest in investing in gold, indicating a diverse consumer base for this new trend.
The demand for gold bars and coins in South Korea has risen by 27% year on year to 5 tons in the first quarter of this year. This significant increase in gold purchases is attributed to the rising prices of gold, with many investors turning to gold as a way to diversify and protect their assets in times of economic uncertainty. This trend is reflective of a global pattern, with younger investors across Asia showing interest in gold as a safe haven asset.
Aside from CU, other convenience store chains in South Korea are also capitalizing on the demand for gold. GS25, another popular convenience store chain, offers customers the option to purchase small gold wafers from vending machines. This convenience and accessibility are driving more consumers to invest in gold as a valuable asset, especially during times of economic instability.
The interest in gold as an investment is not limited to South Korea alone. Countries like China are also witnessing a surge in gold purchases, with trends such as collecting 1 gram small beans in glass jars becoming popular among the youth. In the U.S., retail giant Costco has also tapped into the market by offering one ounce gold bars for sale. This global trend towards investing in gold highlights the universal appeal of gold as a safe and valuable commodity.
The introduction of gold bars in South Korea’s convenience stores has sparked a new trend among consumers, with many individuals turning to gold as a secure investment option. The unique and personalized nature of these mini gold bars, coupled with the rising prices of gold, has driven consumer interest and demand for this precious metal. As global economic uncertainty persists, it is no surprise that more individuals are seeking out safe haven assets like gold to protect and diversify their wealth.