Seoul Lunar New Year Ancestral Table Setting Cost: Traditional Markets 210,000 KRW < Large Supermarkets 270,000 KRW

Seoul Agro-Fisheries & Food Corporation, Survey Results on Lunar New Year Table Setting Costs at 14 Traditional Markets, 7 Large Marts, and Garak Market in Seoul

[Asia Economy Reporter Lim Cheol-young] This year, the purchase cost at large discount stores for the Lunar New Year holiday rose by 2.6% from the previous year to 268,549 KRW, while the purchase cost at traditional markets increased by 1.7% to 214,753 KRW, showing that traditional markets are about 20% cheaper than large discount stores.

On the 16th, the Seoul Agricultural and Marine Products Corporation announced the results of a survey on the purchase costs for Lunar New Year ancestral rites tables conducted at 22 locations including traditional markets, large discount stores, and Garak Mall in Garak Market across 7 districts in 5 living zones within Seoul to provide helpful information for economical Lunar New Year shopping.

The survey was conducted on the 11th by nine members of the Seoul Price Survey Monitoring Team who directly visited 14 traditional markets including Yongsan-gu Yongmun Market, 7 large discount stores including E-Mart, and Garak Mall in Garak Market to investigate the purchase costs of major Lunar New Year ancestral rites tables.

The purchase cost at Garak Mall, located in Garak Market where costs are low, was 208,875 KRW, which was 3% and 22% lower than traditional markets and large discount stores, respectively. In particular, prices for livestock products, greens, and other processed goods at Garak Mall were cheaper compared to other purchase locations.

According to the survey results, if the government’s ‘ban on gatherings of five or more people’ measure to prevent the spread of COVID-19 continues through the Lunar New Year holiday, the estimated cost for a small ancestral rites table for 3 to 4 people would be about 130,000 KRW at traditional markets and about 160,000 KRW at large discount stores. When converting the surveyed costs for 6 to 7 people’s tables excluding fruit and fish items to 3 to 4 people, traditional markets are estimated at 128,631 KRW and large discount stores at 159,031 KRW.

Meanwhile, the price outlook for agricultural, livestock, and marine products this Lunar New Year (based on Garak Market) is expected to remain stable except for some items, thanks to government efforts to stabilize prices. Prices for apples and pears are expected to remain stable due to increased production and storage compared to the previous year, as 2021 experienced less weather damage. As the Lunar New Year approaches, shipments of large fruits preferred for ancestral rites and gifts are expected to increase.

Among vegetables, radish and napa cabbage production is expected to decrease due to reduced cultivation areas and poor crop conditions, leading to higher prices compared to average years. On the other hand, prices of green onions have dropped about 50% compared to last year when prices soared due to poor crop conditions caused by cold waves, and zucchini prices are also expected to stabilize due to increased production.

For livestock products (beef and pork), prices are expected to rise due to increased household demand amid the prolonged COVID-19 pandemic. Prices of greens such as bracken and bellflower root are also higher than the previous year due to decreased production. Marine products are expected to remain generally stable due to reduced consumer demand. Despite a 22% decrease in squid production in December last year due to poor coastal fishing conditions, prices continue to decline due to sluggish consumption amid the prolonged pandemic. In particular, prices of frozen flatfish and pollock are expected to stabilize due to increased import volumes.

Considering the high price volatility of Lunar New Year seasonal products, the corporation plans to provide continuous updates on prices and transaction trends of major consumer items on its website until the Lunar New Year holiday.

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