In a potential sign of how bad inflation is globally, South Koreans are choosing to buy gold bars from vending machines as a way to have tangible investments outside of banks.
GS Retail told UPI that it’s brought in $19 million from selling the bars over the past nine months.
The gold-vending machines were introduced last September, with bars ranging is size from 0.13 ounces to 1.3 ounces.
“People in their 20s and 30s appear to be the main buyers, purchasing physical gold as an investment vehicle, especially in times such as these, when its value is continuing to rise,” a spokesperson told UPI.
Gold has increased in value since the start of 2023, but the retail company does not believe everyone is buying the bars as a form of investment.
It believes the popularity partly comes down to the way they are being sold and the convenience of it.
GS Retail is expanding the machines to other stores, aiming to have them in 50 by the end of the year.