South Korea’s convenience stores have introduced a new popular item on their menu – gold bars. This unexpected addition has generated a lot of buzz, with customers flocking to purchase these miniature bars in record numbers.
Interestingly, individuals in their 30s seem to be the most active purchasers of these gold bars, comprising over 41% of total sales since their launch. Following closely behind are those in their 40s at 35.2% and individuals in their 50s at 15.6%. Surprisingly, people in their 20s only accounted for 6.8% of sales, indicating a wider interest from older age groups in this investment trend.
The rising prices of gold seem to be a significant driving factor behind the recent surge in demand for gold bars in South Korea. According to the World Gold Council, demand for bars and coins in the country rose by 27% year on year in the first quarter of this year. This sharp increase marks the most significant quarterly rise in gold purchases in South Korea in more than two years.
In a period of economic uncertainty and inflation, it is not surprising that many younger investors are turning to gold as a way to diversify and protect their assets. Shaokai Fan, Head of Central Banks at the World Gold Council, noted a recent trend of growing investment interest among a younger cohort in Asia, emphasizing the importance of exploring alternative investment options such as gold.
The interest in gold is not solely limited to South Korea. In neighboring China, there has been a trend of purchasing 1 gram gold beans in glass jars among the country’s youth. China has also surpassed India in becoming the world’s largest buyer of gold jewelry in 2023. Additionally, in the U.S., popular retail giant Costco has become a go-to destination for one ounce gold bars priced at close to $1,900. This global shift towards investing in gold highlights the universal appeal of this precious metal as a safe haven asset.
The introduction of gold bars in South Korea’s convenience stores has sparked a new investment trend among consumers, particularly appealing to younger investors looking to diversify their portfolios. The increasing demand for gold highlights a growing interest in alternative investment options amid economic uncertainty and inflation. As the popularity of gold continues to rise globally, it is clear that this precious metal holds a special place in the hearts of investors seeking stability and security in their financial decisions.
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