A refrigerated vending machine for dispensing items (such as soda cans or other beverage containers) includes a power source and a cooling system (e.g., evaporator, condenser, compressor, circulating fan). Power control circuitry selectively provides electrically coupling of at least one component of the cooling system to the power source. A controller, operably coupled to the power control circuitry,is adapted to control the power control circuitry in a power-conserving mode of operation and in a normal-operation mode. The controller automatically transitions from the power-conserving mode to the normal-operation mode based upon an activity event signal. The activity event signal may be provided by an occupancy sensor that senses occupancy in the vicinity of the refrigerated appliance. Alternatively, the activity event signal may represent vending activity (e.g., money insertion). The controller automatically transitions from the normal-operation mode to the power conservation mode based upon a temperature signal provided by an internal temperature sensor and/or the ouput of the occupancy sensor. The power-conserving mode of operation and the normal-operation mode provide different internal temperature characteristics (e.g., varying temperature variance) within a chamber in the refrigerated appliance.