Young Taiwanese turn to near-expired food to beat soaring cost of living
On social media, netizens have a tongue-in-cheek name for these promotion periods, calling them “beggar hour”.
Taiwanese substitute high school teacher Bill Lin is among a growing group of young people on the island who have turned to discounted foods at convenience stores to beat soaring costs of living.
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NEW TAIPEI CITY: Five times a week, Taiwanese Bill Lin stops by a convenience store on his way home from work in New Taipei City.
The timing of his visits are planned so he can get his hands on near-expired food items going at a steep discount. They are sold at a steal during three promotional periods.
Buying these discounted items allows Mr Lin, a high school substitute teacher, to cap his food expenses at about US$7 a day.
“I can save about NT$700 to NT$1,000 (US$22 to US$31) a month by buying these discounted products. It’s quite a lot,” the 30-year-old told CNA.
“With the NT$1,000 that I save, I can treat myself to a nice meal that month.”
He ensures that even such occasional indulgences do not blow his budget.
He is among a growing group of young Taiwanese opting for such discounted food as they struggle to cope with the island's soaring cost of living.
RISING COST OF LIVING
Taiwan’s consumer price index (CPI) in August rose 2.36 per cent, marking the fourth straight month that headline inflation has gone above the central bank’s 2 per cent target.
“When I was in college, I spent about NT$4,000 a month on food. These days, the amount has nearly doubled to about NT$7,000,” said Mr Lin, who graduated about seven years ago.
For instance, a rice ball – a popular Taiwanese snack – used to cost just NT$20 to NT$25, but now, it costs double, he added.
The practice of buying discounted convenience store foods to try to get around such price hikes has become so common that social media is rife with tips and people sharing their experiences.
Still, the practice is not without its naysayers. Netizens have given the promotion periods a tongue-in-cheek name – “beggar hour”.
“I was a little unhappy when I heard the term. These promotions actually allow food to be consumed or it would just be wasted. As a consumer, I feel lucky when I see these bargains,” said Mr Lin.
Stores have responded to the popular trend.
Ms Jill Li from the public relations division at President Chain Store Corp – one of the largest firms operating convenience stores, including 7-Eleven, in Taiwan – said that previously, its outlets had just one discount rate for two periods.
Last year, the firm added another period with a 20 per cent discount. Stores have since observed an increase in consumer demand, she added.
“On our app, consumers can subscribe to their favourite stores to keep track of the promotions. The system is very popular among office workers, young people and students,” she said.
LOW WAGES, HIGH PROPERTY PRICES
On average, Mr Lin takes home about US$1,500 a month, a fifth of which goes to his savings.
With the remaining money, he has to support his mother, and pay rent and other expenses.
Latest official data showed that Taiwanese under the age of 30 earned about US$1,300 a month, around three times lower than their peers in South Korea, Hong Kong and Singapore.
Taiwan's wages have stayed stagnant for the past three decades, observers said.
While Mr Lin hopes to eventually own a place, he fears his dream may not come true. Taiwan’s main city centres are known to be among the least affordable housing markets in the world.
“Based on my current income and the kind of savings that I have, it’s unlikely that I can afford to buy a house,” he said.
He, however, continues to keep his ambition alive.
“I hope that in five to 10 years, my income will grow higher and higher, and I will be able to save up money for a down payment for a house,” he said.
