Convenience store fruit sales surge as portions shrink

[Courtesy of GS Retail]

South Korean convenience store chains recently revealed that their fruit sales continued to jump in 2023 as their products are considered more affordable alternatives to those offered by supermarkets amid historic high consumer prices.

According to sources familiar with the CVS industry on Monday, the sales of fruits at the country’s top three convenience store chains witnessed a rapid rise in the fourth quarter of 2023. GS Retail Co., which runs convenience stores GS25, said its fruit sales in the period recorded significant growth, with sales of bananas increasing by 36.7 percent, wheat persimmons by 31.2 percent, and apples by 12.1 percent. Fruit sales experienced a notable uptick of 24.2 percent overall.

While sales of cheaper products priced at less than 3,000 won ($2.28) per serving jumped by 18.7 percent, those at more than 10,000 won fell by 2.5 percent.

The sales rise was led by increased demand for fruit products with smaller portions among single-person households, such as half-sized apples and banana pairs.

More people living alone go to convenience stores instead of supermarkets to buy groceries, which has resulted in increased sales of fruits at CVS chains.

Seven-Eleven, Inc. also experienced a 25 percent surge in fruit sales during the fourth quarter of 2023, with the standout product being the so-called Five Bananas, priced at 2,300 won. With a decent quality, this product is known for its lower prices, as it is made of bananas left from those packed in bunches.