In the Era of High Inflation, How Much is the Chuseok Budget? 'Under 200,000 Won' Tops at 33%

Chuseok Ancestral Table Setting Cost Less Than 310,000 Won

[Asia Economy Reporter Yu Je-hoon] Amid global inflation causing financial strain for office workers, it has been revealed that 3 out of 10 Koreans are planning to spend 'less than 200,000 won' for this year's Chuseok holiday budget. This amount is even lower than the average cost of the traditional Charye table (about 300,000 won).

Credit card platform Card Gorilla announced on the 9th that it conducted a survey on Chuseok budgets targeting 1,058 website visitors over about a week from the 29th of last month to the 4th. The budget included food expenses, transportation costs, and gift expenses.

According to the survey, the largest group of respondents, 32.7% (346 votes), planned to spend 'less than 200,000 won' for the Chuseok budget. This was followed by ▲200,000 won to less than 400,000 won at 26.8% (284 votes) ▲1,000,000 won or more at 16.3% (172 votes) ▲600,000 won to less than 800,000 won at 6.3% (67 votes) ▲800,000 won to less than 1,000,000 won at 5.5% (58 votes). Approximately 60% of respondents said they planned to spend less than 400,000 won on the Chuseok budget.

Earlier, the Korea Agro-Fisheries & Food Trade Corporation announced that the average cost of the Charye table this year (28 items) rose by 19,338 won (6.5%) from the previous year to 317,142 won. More than one-third of respondents set their total Chuseok holiday budget below the average cost of the Charye table.

Ko Seung-hoon, CEO of Card Gorilla, stated, "The top-ranked budget of less than 200,000 won is about 100,000 won lower than the average cost of the Charye table this Chuseok." He added, "Due to rising prices, a decrease in family members, and COVID-19, it seems that many people are not performing the traditional rites and are spending the holiday alone."