"Second Round of Consumer Coupons Begins"...Shocked by Beef Prices While Trying to Buy

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With Chuseok just two weeks away,

demand for beef for ancestral rites and gifts is surging,

causing beef prices to rise sharply.

In addition, with the government launching the second round of consumer coupons to support livelihoods,

beef prices are expected to climb even further.

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In fact, the prices of major beef cuts have risen significantly compared to last year.

Grade 1+ sirloin is now 12,268 won per 100g, up 17.6% year-on-year,

tenderloin is 15,045 won, up 10.6%,

and brisket for soup is 6,144 won, up 7.7%.

Even compared to earlier this month, prices have risen by about 1,000 won per 100g.

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In the wholesale market, the price of Korean beef during the Chuseok peak season is 20,000 to 21,000 won per kilogram,

which is about 7.9% higher than last year.

One of the reasons for the price increase is the reduced number of cattle available for shipment compared to last year.

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At the retail level, price differences by sales channel were clear.

For bulgogi and regular cuts (600g), large supermarkets were the most expensive at 59,732 won,

while regular supermarkets were the cheapest at 34,142 won.

For soup cuts and brisket, there was a more than twofold price gap between department stores (73,855 won)

and traditional markets (32,613 won).

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With the second round of consumer coupons providing 100,000 won per person to 90% of the population,

demand for popular items like beef is likely to increase even further.

During the first round of coupon distribution, meat sales also surged,

with domestic beef sales at GS25 jumping by 232.9% in just one month, and Emart24 seeing an increase of about 40%.

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In conclusion, the Chuseok holiday effect, reduced supply,

and the impact of consumer coupon distribution are all converging,

making it highly likely that beef prices will rise even further this holiday season.

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