"Get Your Lunar New Year Foods Here"...Up to 50% Off at Large Discount Stores and Traditional Markets

Ahead of the Lunar New Year holidays, the government is rolling out the largest-ever discount support program in cooperation with producer organizations that are expanding supplies of key holiday items, in order to ease the burden of grocery prices on consumers. Agricultural, livestock, and fishery products are being discounted by up to 50%, and traditional markets are also running refund events for Onnuri Gift Certificates.

According to the government on the 14th, prices of key Lunar New Year items are showing a relatively stable trend at around last year's level, and the cost of setting the Lunar New Year ancestral ritual table has also fallen slightly compared with a year earlier.

Lunar New Year gift sets are displayed at the Yangjae branch of Nonghyup Hanaro Mart in Seocho-gu, Seoul. Photo by Kang Jinhyeong

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In fact, a survey conducted on the 6th by the Korea Agro-Fisheries & Food Trade Corporation (aT), about two weeks before Lunar New Year, found that the average cost of preparing this year's Lunar New Year ancestral ritual table was 202,691 won, down 0.3% from two weeks before last year's Lunar New Year. An aT official explained, "By type of retail channel, traditional markets averaged 185,313 won, down 1.6% from last year, while large retail chains averaged 227,876 won, up 4.3% from last year," adding, "In particular, for 14 out of the total 24 items, including spinach, zucchini, and Korean beef (Hanwoo), prices were lower at traditional markets, and the total cost at traditional markets was 18.7% cheaper than at large retail chains."

The Ministry of Agriculture, Food and Rural Affairs is investing a total of 56.6 billion won in discount support for agricultural and livestock products during this Lunar New Year peak season. At large discount stores and small and medium-sized supermarkets, 13 items including cabbage, radish, pears, beef, pork, chicken, eggs, chestnuts, jujubes, grapes, citrus fruits, spinach, and rice are being discounted by up to 40% for 19 days until the 16th.

In particular, to substitute demand for large, high-priced apples, the government has been expanding the supply of gift sets consisting of grapes, pears, and various citrus hybrids since the 2nd. Eggs are being imported from the United States and distributed through Homeplus and food material distributors, and in response to the recent increase in the culling of laying hens, additional import measures are being prepared.

In addition, 15 food companies are offering their own discounts on 4,957 items for which demand increases during Lunar New Year. Until the 14th, a refund event for Onnuri Gift Certificates at traditional markets is also being held.

The Asia Business Daily Database

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For fishery products, the "Korea Seafood Grand Sale - Lunar New Year Special Exhibition" is being held at 56 sales outlets nationwide until the 22nd. Discounts are being offered not only on popular species such as pollock, mackerel, hairtail, squid, yellow croaker, and dried anchovies, but also on seaweed (gim), abalone, and other seafood items that are highly preferred by consumers and need consumption promotion. During the Lunar New Year holiday period, the support limit has been raised to 20,000 won per person, allowing consumers to purchase seafood at discounts of up to 50%. The government has also supplied about 13,000 tons of reserved fishery products to retailers at prices up to 50% lower than consumer prices.

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