Chuseok Ancestral Rite Table Setting Cost: Traditional Market '220,000 KRW' vs Large Mart '280,000 KRW'

Seoul Agro-Fisheries & Food Corporation Investigates Costs at 14 Seoul Traditional Markets, 7 Large Marts, and Garak Market
Traditional Markets 21% Cheaper Than Large Marts
Purchasing Costs at Garak Mall in Garak Market 26% Lower Than Large Marts

[Asia Economy Reporter Lim Cheol-young] This year, the cost of preparing a Chuseok ancestral rite table at traditional markets was 220,000 KRW, which is more than 20% cheaper than the 280,000 KRW cost at large discount stores. The increase in purchase costs at large discount stores was 6%, relatively higher than the 5% increase at traditional markets.

On the 6th, the Seoul Agricultural and Marine Products Corporation conducted a survey on the cost of preparing a Chuseok ancestral rite table by targeting a total of 22 locations, including traditional markets, large discount stores, and Garak Mall in Garak Market across seven districts in five living zones within Seoul. The results were announced to provide helpful information for Chuseok holiday shopping.

The survey was conducted on the 31st of last month by nine members of the Seoul price survey monitoring team, who visited 14 traditional markets including Yongsan-gu Yongmun Market, seven large discount stores including E-Mart, and Garak Mall in Garak Market. Reflecting the trend of increasingly simplified ancestral rite tables, the survey focused on 36 major seasonal items in high demand for Chuseok (based on a family of 6-7 members).

According to the survey results, the purchase cost at large discount stores this year was 283,616 KRW, a 6% increase compared to the previous year, while the purchase cost at traditional markets was 224,181 KRW, a 5% increase from the previous year. For the second consecutive year, traditional markets were about 20% cheaper than large discount stores. Prices of fruits (pear, dried persimmon, jujube) and livestock products (beef, pork, eggs) rose across all purchase locations compared to the previous year, whereas prices of vegetables (radish, napa cabbage, green onion) and some seafood (pollock, squid) decreased compared to the previous year.

The purchase cost at Garak Mall, located in Garak Market, was 208,632 KRW, which was 7% and 26% lower than traditional markets and large discount stores, respectively. In particular, prices of livestock products (beef, pork, broiler chicken), wild greens (bracken, balloon flower root), and other processed goods at Garak Mall were notably cheaper than at other purchase locations.

The corporation estimated that if the government’s ‘ban on gatherings of five or more people’ measure to prevent the spread of COVID-19 continues through the Chuseok holiday, the cost for a small ancestral rite table for 3-4 people would be about 130,000 KRW at traditional markets and 160,000 KRW at large discount stores. Adjusting the ancestral rite table cost surveyed for 6-7 people by excluding the minimum unit fruit items and fish to a 3-4 person scale, the estimated costs are 134,364 KRW for traditional markets and 166,149 KRW for large discount stores.

Meanwhile, the price outlook for agricultural, marine, and livestock products this Chuseok (based on Garak Market) shows that although fruit production was generally good and output increased, prices are currently high due to the earlier-than-usual Chuseok holiday, according to the corporation. However, prices of apples and pears are expected to stabilize due to increased shipments before Chuseok.

Vegetable prices are expected to stabilize due to increased production. Production of napa cabbage and radish in highland areas increased compared to average years, and shipments of open-field green onions in Gyeonggi and Gangwon regions also increased, resulting in a 30-40% price drop compared to the same period last year. Most seafood prices were either at average market levels or slightly decreased. Although squid catches were lower than last year, increased catches from distant waters have dispersed demand, leading to price stability. Pollock prices are also expected to stabilize as recent Chinese exports to Europe have shifted to Korea, resulting in sufficient stock.

Additionally, prices of livestock products (beef, pork, eggs) are on the rise due to increased household consumption during the summer vacation season and COVID-19. Pork slaughter volume is expected to increase by 1.8% to 4.8% compared to average years, but due to government support payments, international price increases, and reduced imports, prices are expected to remain firm. Korean beef slaughter numbers are expected to increase by 10% compared to last year and 7% compared to average years, but strong consumption and Chuseok gift demand will keep prices firm. Egg prices are expected to decline due to increased laying hens from continuous restocking of farms that culled hens.

The corporation plans to provide ongoing updates on prices and trading trends of major items on its website until before Chuseok, considering the high price volatility typical of seasonal Chuseok products.

This content was produced with the assistance of AI translation services.