The popular convenience store chain CU introduced two new 990-won private-brand snacks last month: the spicy “990 Nacho Chips” and “990 Cheddar Cheese Balls.” Offering up to 75 grams — about 20% more than major brands but at a 30% discount — these snacks maximize value. (Image courtesy of CU)
SEOUL, Jun. 8 (Korea Bizwire) –As South Korean consumers increasingly pursue value amid high inflation, convenience store chains are rolling out a wave of ultra-low-cost products priced below 1,000 won.
With the “lunchhflation” of soaring midday meal costs straining office workers, these inexpensive food items have found particular appeal as affordable lunch options.
The popular convenience store chain CU introduced two new 990-won private-brand snacks last month: the spicy “990 Nacho Chips” and “990 Cheddar Cheese Balls.” Offering up to 75 grams — about 20% more than major brands but at a 30% discount — these snacks maximize value.
In February, CU made a splash with the 880-won “880 Yukgaejang Cup Noodle,” the lowest-priced cup noodle product at a convenience store, undercutting major brands by over 20%. The product surpassed 400,000 units sold within just two months of its launch.
“Combined with our 1,000-won spicy fish cake kimbap released in January, customers can have a light lunch for under 2,000 won,” said a CU official, citing the appeal to office workers grappling with higher prices.
Beyond food, CU has introduced bargain treats like the 400-won “400 Bar” ice cream and 1,000-won “1,000 Cone.”
While the number of products under 1,000 won sold at CU has dipped by 8.2% from 2021 to around 780 items amid broad inflation, sales in this segment soared 22.3% year-over-year in the January-May period. Essentials like ramen and water ranked among CU’s top five ultra-cheap sellers, reflecting cost-conscious consumption patterns.
Rival chains are also leaning into extreme value offerings. GS25 last November launched the 990-won private-brand “Myeonwang” (King of Noodles) cup noodle product, supersizing portions by 22% while keeping prices below 1,000 won — a “reverse shrinkflation” strategy. With 800,000 units sold as of last month, “Myeonwang” is nearing the 1 million mark.
While lacking permanent ultra-cheap private-brand essentials, chains like 7-Eleven and Emart24 have joined the fray through discounts, buy-one-get-one promotions and bundled pricing to push per-item costs below 1,000 won.
Ashley Song (ashley@koreabizwire.com)
