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Top 10% of spenders devour half of all fried chicken sales: dataBy No Kyung-min
Published : Sept. 8, 2023 - 14:47
The expansion of the Korean fried chicken market has been driven by young Korean consumers using delivery services, with the biggest spenders accounting for nearly half of the sales, data showed Thursday.
According to data released by KB Kookmin Card, a subsidiary of South Korea's KB Financial Group, the top 10 percent of individuals who splurge the most on Korean fried chicken constitute 41.5 percent of total fried chicken sales.
On average, these individuals shell out approximately 80,000 won ($60) per month, a figure four times higher than the total average of 20,000 won.
During the first half of this year, Korean fried chicken businesses witnessed an on-year sales increase of 5.2 percent and a 31 percent jump compared to year 2019.
Along with the fried chicken market’s expansion, the demand for delivery services has also surged.
This year, the ratio of fried chicken enthusiasts dining in restaurants versus using delivery apps has almost evened out at 54 percent to 46 percent. This is a stark contrast to the 87 percent to 13 percent ratio recorded in the first half of 2019.
Over the past four years, fried chicken businesses have experienced a 378.6 percent increase in sales through delivery apps.
Analyzing the data further reveals that 26.5 percent of fried chicken consumers are in their 20s, followed closely by those in their 40s and 30s, at 25.7 percent and 24.7 percent, respectively.
The majority of those in their 20s and 30s opt for food delivery. More than 60 percent of 30-something consumers use food delivery services, while the figure hovers around 54 percent for those in their 20s.
When it comes to visiting fried chicken establishments to dine in person, individuals in their 60s had the highest participation rate at 90.5 percent, while those in their 30s had the lowest rate at 38.8 percent.
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