South Korea’s convenience stores have added a unique item to their menu – gold bars. This new phenomenon has taken the country by storm, with customers flocking to purchase these mini gold bars from the shelves of CU outlets. Not only are they selling like hotcakes, but they also come in a variety of sizes and designs, catering to different preferences.
Since April, CU has been offering customers gold bars in various sizes, ranging from 0.1 gram to 1.87 grams. The prices of these gold bars are not cheap, with a 1.87 gram bar selling for 225,000 won and a 0.5 gram bar for 77,000 won. Interestingly, the 1 gram bars priced at 113,000 won each were sold out within just two days of their release. The bars also come with congratulatory messages, birthday wishes, and even designs tailored to specific personality types.
Surprisingly, it was noted that people in their 30s were the most active in purchasing these gold bars, constituting over 41% of the total sales. This was followed by those in their 40s at 35.2% and individuals in their 50s at 15.6%. On the other hand, people in their 20s only accounted for 6.8% of all sales. Perhaps this trend can be attributed to the increasing prices of gold in South Korea, which resulted in a 27% year-on-year rise in demand for bars and coins in the first quarter of this year.
With the uncertainty in the global economy, many investors, especially younger ones, are turning to gold as a way to diversify and protect their assets. This trend is not unique to South Korea, as other countries in Asia, such as China, are also experiencing a surge in gold investments. In particular, the weakening of local currencies and the rise in gold prices have led consumers to seek safe-haven assets, such as physical gold jewelry and bars.
The World Gold Council has noted a recent trend of growing investment interest among younger investors in Asia, as they navigate inflation and financial uncertainty. This shift towards gold investments is not limited to Asia but is also evident in countries like the U.S., where popular retail chains like Costco are offering gold bars for sale. In China, the collecting of small gold beans in glass jars has become a trend among the youth, highlighting the widespread appeal of gold as an investment option.
The trend of convenience stores selling gold bars in South Korea reflects a broader global interest in gold investments as a means of asset protection and diversification. As economic uncertainty looms, consumers, especially younger ones, are turning to tangible assets like gold to safeguard their wealth. This shift towards gold investments is not only evident in South Korea but also in other countries across the world, signaling a growing preference for gold as a reliable investment option in turbulent times.
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