Surging inflation and changing lifestyle

Adapting to the new economic landscape to stay ahead.

By Foong Pek Yee

At 29,  and staying alone in a studio in Seoul,  Park  Na-Ra is into cooking her dinner these days.
The interior designer says the availability of smaller food packages  and lower pricing has made it convenient to cook simple dishes and, cost saving as well.
Park says she will plan her meals and buy the ingredients to avoid food wastage.
Like many young and working South Koreans, Park says she and her colleagues and friends have no choice but to  cut down on eating out because it can be expensive nowadays.
Eating out is a form of socialization and entertainment that is popular among South Koreans.
A simple meal:  But the  high cost of eating out saw many South Koreans opting for cheaper options like packed meals from convenience stores.
Amid surging inflation, retailers are also actively exploring ways to keep their businesses going.
And smaller packaging of food to keep prices low has turned out to be a viable option as people are increasingly more careful with their spending.
In June, the Korean Herald reported  that smaller packaging of meat, vegetables and fruits are well received by  South Koreans.
It reported that sales of vegetables went up by 25.1% and 17.3% in single person households and family households respectively in May.
It has been a norm for single people to eat out often before this.
According to Statistics Korea, there are  6.64 million single person households, comprising 31.7% of the total households  in South Korea in 2020.
Rising cost of living also saw many office workers going for packed meals in  convenience stores which is cheaper than eating in restaurants.
Hansot Dosirak  (a South Korean boxed lunch takeout chain ) reported its sales has gone up by 23% during lunch hours near Seoul’s office clusters in June against the same month last year.
The takeout chain also reported a 15% increase in sales across its locations nationwide, according to theinvestor in a report on  July 27.
The menu starts at 3,200 won (RM11).

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