South Koreans Embrace New Trend: Buying Gold Bars from Vending Machines
Gold may be considered a precious metal, but South Korea is making it more accessible than ever. The Asian country is now offering the opportunity to purchase gold bars from vending machines located in convenience stores. These machines, found in over 30 GS Retail stores across the nation, dispense gold bars weighing up to 37.5 grams, with prices starting at approximately 88,000 won ($64) for a half-gram bar.
According to a GS spokesperson, the vending machines are generating around 30 million won in sales each month. This surge in interest is attributed to the growing demand for safe haven assets and the increasing trend of micro-investing.
Another convenience-store chain in South Korea, CU, began selling gold in April and quickly sold out of their one-gram ultralight gold bars within two days. By the end of May, 95 percent of the 770 available gold products had been purchased. Moving forward, CU stores will introduce higher-weight options ranging from two-gram to 10-gram gold bars.
The demand for gold, which reached a record high price of over $2,400 an ounce in May, appears to be particularly strong among millennials and Gen Z consumers. BGF Retail noted that the majority of gold customers at CU stores were in their thirties. Younger individuals are embracing the micro-investing trend, as seen in the United Kingdom where 65 percent of Gen Z and millennials expressed interest in investing in fractional shares of a company.
While South Korea is not the only country offering easy access to gold, with American consumers also able to purchase gold bars at stores like Costco, the popularity of this trend remains to be seen. Costco limited customers to two gold bars each due to high demand, with one-ounce bars selling out within hours of being stocked.
As South Koreans continue to embrace the convenience of purchasing gold from vending machines, the future of this trend remains uncertain. Stay tuned for updates on this evolving market.
By Tori Latham, a digital staff writer at Robb Report. She brings experience from The Atlantic, The Cut, and The Hollywood Reporter to her writing on a variety of topics.
