Hello guys, Welcome to Africa's Largest Video Search Engine, and you are watching How do consumers cope with high consumer prices?. and this video is uploaded by Arirang News at 2024-03-03T23:21:36-08:00. We are just promoting this video only for entertainment and educational purpose only. I hop you like our Video Search Engine. [LONNzXWN1xU]
| Name | How do consumers cope with high consumer prices? |
| Video Uploader | Video From Arirang News |
| Upload Date | This Video Uploaded At 04-03-2024 07:21:36 |
| Video Discription | 고물가 시대 소비자들의 대처방안은? South Korean consumers have had to adapt to survive due to soaring inflation. And retailers have had to change their sales strategies accordingly. Ahn Sung-jin discusses how consumers deal with rising food prices. Consumers in South Korea are adopting a variety of strategies to ensure they spend wisely amid rising consumer prices. According to Statistics Korea the increase in the price of groceries up to January remained in the 6 percent range for the fourth consecutive month compared to the year before. As more people look for ways to save on living costs, retail industries have also been catering to demand. "Convenience stores such as this one are following large retails stores and starting to sell "own brand" products hoping to appeal to price-conscious consumers." This convenience store saw its own-brand products on top across multiple produce categories. For example, an own-brand pack of eggs here is 45 percent cheaper than other brands and is the most bought as well. And, some own-brand products are as much as 60 percent cheaper than other brands. “Since large supermarkets are no longer as cheap, I go to convenience stores that are nearby. If snacks or drinks have the same ingredients, I tend to buy “own brand” products since they are cheaper.” Data from the Korea Chamber of Commerce noted that South Korea's own brand product industry saw an on-year rise of 11-point-8 percent from the fourth quarter of 2022 to the third quarter of 2023. "One way consumers have started saving money is by buying own-brand products which are cheaper but also reliable as they come from well-known retail stores. Own-brand products in advanced countries already make up a large portion of grocery items." Soaring grocery prices are mostly driven by surging fruit prices which saw a drop in supply due to abnormal weather conditions. Fruit prices soared 26-point-9 percent in January, which is the biggest jump since January 2011. As a result, consumers are looking at other ways of getting fruit. According to Korea's customs service, frozen fruit imports hit a record high last year. This retail store saw an increase of 119 percent in 2023 compared to the year before. "I usually buy frozen strawberries or blueberries because they last longer and I can use them in juices. I also buy apples that have scratches at a cheaper price." Though the government has been making plans to address soaring grocery prices, including reducing tariffs on imported fruit, consumers will continue to find ways to spend wisely while prices remain high. Ahn Sung-jin, Arirang News. #SouthKorea #Consumer_prices #Consumer #Price #Inflation #고물가 #물가 #소비자 #인플레이션 #Arirang_News #아리랑뉴스 📣 Facebook : https://www.facebook.com/arirangtvnews 📣 Twitter : https://twitter.com/arirangtvnews 📣 Homepage : https://v2.arirang.com/ 2024-03-04, 09:00 (KST) [LONNzXWN1xU] |
| Category | News & Politics |
| Tags | Arirang News | English | North Korea | Seoul | South Korea | United States | arirang | arirang tv | economy | foreign news | global | issue | korean | national news | news | policy | politics | sport | weather | world news | 경제 | 날씨 | 뉴스 | 대한민국 | 미국 | 북한 | 스포츠 | 아리랑TV | 아리랑뉴스 | 영어 | 월드 | 이슈 | 정책 | 정치 | 한국어 |
