SEOUL, KOREA - Concerns are growingover “cigarette hoarding” as the government hinted a sharp increase in theprices of cigarettes.Compared to a week ago, the sales of cigarettes atconvenience stores rose by more than 30 percent on September 10, one day aheadof the government’s announcement of cigarette price hike plan.
In general, the salesof cigarettes remained stable, changing at a rate of less than 1 percentagepoint.A convenience store official said, “The sales of cigarettes on September10 rose 32.9 percent compared to a week ago and more than 30 percent comparedto two weeks ago. The consumer sentiment appears to be affected heavily by thegovernment’s cigarette price hike plan.”
This trend, however, isnot strong enough to be called “cigarette hoarding.”When panic buying, thesales of the specific item concerned, in general, tend to increase by severalhundred percent. Despite the sharp increase in sales of cigarettes, it is stillbelow the “panic buying” level.