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Stock prices of chicken and beer in South Korea reportedly plummeted the day after the game match between Ghana and the Korean national team in the 2022 FIFA World Cup, which is being held in Qatar.
As per The Korea Times, the drop in chicken and beer stock prices was blamed on the disappointing defeat of Team Korea’s soccer squad in a match with Ghana on Monday, Nov. 28. On Tuesday’s trading session, prices of the said goods plunged, and this was said to be partly due to concerns that the people’s fervor in supporting the country’s soccer team has grown weary.
Typically, during the World Cup, Koreans gather together with their families and friends to watch the game, and having chimaek has become a-must on occasions like this. This is why world soccer matches are one of the busiest days for convenience stores and chicken franchises. Chimaek in Korea is a combined term for chicken and maekju which is beer in English.
In any case, the stock price of Jeju Beer dropped by 9.92% at Tuesday's close. Kyochon chicken franchise also saw its stock price plunging by 5.38% the day after Team Korea lost to Ghana. Companies that breed, process and distribute chicken also experienced a decline.
Prior to the drop in chicken and beer stock prices in the country, Korea Joongang Daily reported that these items were selling like hotcakes on the day of the game between South Korea and Ghana at the 2022 FIFA World Cup. Koreans ordered chicken and beer as they gulped down the alcoholic drink while cheering for their home team on screen.
On Nov. 28, sales of beer at 7-Eleven shot up by 150% compared to its sales on Nov. 14. At the GS25 convenience store, its beer sales increased by 183%, while fried chicken sales went up by 120%. Other local convenience stores, including CU and Emart24, also reported boosted sales of beer by 229% and 132%, respectively, while the former’s sales of chicken also rose by more than 55%.
Fried chicken franchises in the country also enjoyed a huge surge in orders. Genesis BBQ showed a 220% increase on Monday while Kyochon recorded a 160% rise, while BHC Chicken’s sales jumped 297%.
Photo by: Cristine Enero/Unsplash
