With the prolonged economic downturn leading to the rising cost of living and a strong dollar, ‘lunchflation’ (lunch + inflation) is becoming more pronounced as the cost of lunch for office workers increases. Even economical options like workplace cafeterias or convenience store lunchboxes are experiencing price hikes, adding to consumers’ financial burdens.
According to the National Statistical Office’s portal, last year, the consumer price index for dining out rose to 121.01, a 3.1% increase from the previous year (117.38). Although this growth rate is half of the previous year’s (6.0%), it remains higher than the overall consumer price index increase (2.3%).
Particularly, the dining out price index has seen over 3% growth for three consecutive years: 7.7% in 2022 and 6.0% in 2023. Since 2021, it has surpassed the overall consumer price index for 12 years.
Among major dining out items, lunchbox prices saw the highest increase at 5.9%, followed by tteokbokki at 5.8%, hamburgers at 5.4%, and kimbap at 5.3%. Prices of kalguksu and chicken (each at 4.8%), cold noodles (4.2%), and pho (4.1%) also showed significant increases. These are dishes commonly consumed by working-class people, highlighting their impact.
As dining costs rise, there is a growing demand for ‘value meals’, yet even convenience store lunchboxes (4.9%) and triangular kimbap (3.7%) have seen price hikes.
The price increase in workplace cafeterias, frequently visited by employees, is also notable. Last year, cafeteria prices rose 6.9% compared to the previous year, reaching an all-time high since statistics began in 2001. Since the pandemic in 2021, the price increase rate has remained above 4% for four consecutive years.
As lunchflation persists, the food and distribution industries are expected to intensify their value-for-money competitiveness, introducing more economical products. E-Land’s Kim’s Club recently attracted consumer attention with its cost-effective instant meal ‘Deli by Ashley’, offering items like the Ashley Queens buffet menu as affordable home meal replacements.
Since its launch in April last year, the brand has introduced over 200 menu items, surpassing 3 million sales in just 9 months.
Emart and Lotte Mart have also launched ‘Amazing Deli’ and ‘Yorihada’, focusing on affordable meals.
In convenience stores, the battle for cost-effectiveness is fierce. CU introduced snacks and triangular kimbap under 1,000 KRW and ultra-low-priced capsule coffee at 290 KRW each. GS25 launched beauty products priced in the 3,000 KRW range, while 7-Eleven introduced low-cost staple items such as eggs, tofu, and bread, attracting attention for their impact on consumer tables.
Emart24, a convenience store chain under Emart, launched kimbap and bibimbap meal kits priced at 1,900 KRW and 3,600 KRW respectively, about 45% cheaper than regular market kimbap, aiming to dominate the ultra-low-priced food market.