‘Luxury Grape’ Shine Muscat... Cost-Effective ‘Hero’ for Seollal Gifts

Shine Muscat Price Down 31% Compared to Average
Using Shine Muscat to Lower Gift Set Prices

Until a few years ago, Shine Muscat, which used to be considered a symbol of premium fruit when its price easily exceeded 20,000 won per bunch, has recently established itself as a representative product of cost-effectiveness. The distribution industry, faced with skyrocketing prices of apples, pears, tangerines, and strawberries?fruits that were indispensable in holiday gift sets?has started to adjust prices by reducing quantities and including Shine Muscat instead.

According to the Korea Agro-Fisheries & Food Trade Corporation (aT) on the 22nd, as of the 19th, the average retail price of apples (Fuji, 10 pieces) was 28,903 won, which is more than 10% higher than a year ago (26,116 won). The price of pears (Shingo), a major ritual fruit, also rose by 9.3% to 32,188 won for 10 pieces compared to a year ago.

The prices of seasonal fruits such as strawberries and tangerines increased by 6% and 33.4%, respectively, compared to a year ago. Retail prices refer to the prices at which consumers purchase fruits at large supermarkets or traditional markets. Although the government is making efforts to reduce the rate of retail price increases to ease the burden on consumers, the wholesale prices have been rising sharply, causing retail prices to continue their upward trend.

However, the situation is somewhat different for Shine Muscat (1kg). The selling price of Shine Muscat is 12,371 won, showing little change from a year ago (12,365 won). Compared to the average price over the past five years excluding the highest and lowest prices (12,371 won), which is 17,947 won, the price has dropped by 31%, making the decline even more pronounced.

The price decline of Shine Muscat is due to farmers releasing large quantities of stock that they harvested and stored last fall. While the number of farmers cultivating Shine Muscat has increased in recent years, the grape variety’s characteristics make long-term storage difficult. Therefore, there is a strong tendency to sell off all stored stock during the holiday period when fruit demand explodes.

On the other hand, apples and pears can be stored for a long time until the new harvest of fresh apples and pears arrives this year. There is no reason for farmers to release all their stock during the Lunar New Year peak season. Especially, the apples and pears distributed during the Lunar New Year were harvested before last year’s Chuseok, and since the harvest was poor last Chuseok, the prices of apples and pears rose significantly. An industry insider said, “Usually, fruit prices at Chuseok are reflected during the Lunar New Year, but since storage costs are added by the Lunar New Year, prices inevitably become more expensive. Although fuel prices have decreased compared to last year, farmers still face burdensome costs such as labor, so farmers growing strawberries and tangerines have no choice but to raise their selling prices.”

The distribution industry is using Shine Muscat in Lunar New Year fruit gift sets to adjust prices. While fruit gift sets composed of apples and pears used to be cheaper, now gift sets with two bunches of Shine Muscat are necessary to meet the usual price range. Emart, for example, has increased the quantity of Shine Muscat priced under 50,000 won by 50% compared to last Lunar New Year. Sales growth is also significant, with sales of gift sets containing Shine Muscat increasing by 173% year-on-year.

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