In an unexpected retail trend, South Korea’s convenience stores are seeing a surge in sales of gold bars, traditionally a symbol of investment rather than an impulse buy. CU, the country’s leading convenience store chain, has partnered with the Korea Minting and Security Printing Corporation (KOMSCO) to sell mini gold bars that have proven to be extremely popular.
Since their introduction in April, CU has offered various sizes of gold bars, including those as small as 0.1 gram and as large as 1.87 grams. Remarkably, the 1 gram gold bars priced at 113,000 won (approximately $165.76) sold out within just two days of their release. These bars are not only investment opportunities but also come with unique designs, including congratulatory messages and birthday wishes.
The majority of these gold bar purchasers are in their 30s, representing over 41% of sales, followed closely by those in their 40s, who account for 35.2%. The interest spans across age groups, with individuals in their 50s and 20s participating as well.
This trend reflects a broader increase in the demand for gold across South Korea, with a 27% rise in the purchase of bars and coins in the first quarter of the year, amounting to 5 tons. This is the largest quarterly increase in more than two years, according to the World Gold Council (WGC). The council has noted a growing trend among younger investors in Asia, who are turning to gold to diversify and protect their assets amid economic uncertainties.
Similar trends are observed in other convenience chains like GS25, where customers can purchase small gold wafers directly from vending machines. The rising prices and the depreciating value of the Korean won against the dollar have further fueled the demand for these precious metals.
Additionally, this phenomenon is not limited to South Korea. In China, the youth are collecting small gold bars, and in the United States, retailers like Costco have started offering gold bars, underscoring a global shift towards tangible asset investments among consumers.
