South Korean bulk buying hits record $1.1 billion as food prices rise

Combined estimated card spending at Costco and Emart Traders reached a record 1.45 trillion won (US$1.1 billion) in September, according to market tracker WiseApp Retail.

The estimate is based on a sample of credit and debit card payments made by South Korean consumers. It excludes cash and bank transfers, meaning it differs from the retailers’ reported revenue.

Bulk purchases gain ground as food prices rise

Warehouse retailers are posting record gains as South Korean consumers seek relief from high food prices. For one shopper, buying groceries and household essentials in bulk seemed more economical for her family of four.

“The bill is bigger each time, but buying in bulk works out cheaper for the same amount,” she said.

She said she mainly buys food eaten regularly and everyday household essentials, then divides the food into meal-sized portions for storage.

The spending figures and the shopper’s account point to two aspects of the trend: the upfront bill is larger, while bulk buying is viewed as cheaper for the same amount. WiseApp’s estimate records spending through credit and debit cards, but does not include payments made in cash or through bank transfers.

Source: South China Morning Post