Pinched Consumers Cut Down on Snacks

  • By Song Hye-jin

    December 03, 2022 08:19

    Consumers have been quick to cut down on cookies, luxury goods and clothes as inflation soars.
    In a poll of 1,000 subscribers of retail giant Lotte, 30.9 percent of respondents said they cut down on snacks first. Next came meat (12.9 percent), coffee and beverages (10.1 percent) and health supplements (9.7 percent).
    But health-conscious consumers were less inclined to reduce spending on vegetables (4.6 percent), fish (3.3 percent) and rice (three percent). Consumers who cut down on snacks said they opted to reduce consumption of baked goods or processed food to lose weight on top of saving money.
    Some 27.5 percent said their choice was fueled by a desire to become healthier, while 23.5 percent cited steep prices.
    More than 62 percent of respondents said cutting down on consumption of expensive meat helps reduce their spending on daily necessities.
    There were marked differences between men and women. Some 13.2 percent of male respondents spent less on alcohol, while 11 percent of women cut down on coffee and soft drinks.
    But when it came to the reasons, both men and women said they drink too much of these beverages anyway and cutting down will do them good.
    Some 28.8 percent of men said they reduced spending on luxury products, 22.6 percent on clothes and 13.4 percent on electronic gadgets. Women cut down on clothes (29 percent), luxury goods (23.4 percent) and cosmetics and perfume (11.4 percent).
    Respondents explained that luxury goods are non-essential and they already have enough of them.
    A Lotte staffer said, "Confronted by a slow economy, consumers appear to have cut down on buying non-essential items."
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