Slight Increase in Table Setting Costs Compared to Previous Year
[Asia Economy Reporter Kiho Sung] The Seoul Agricultural and Marine Products Corporation announced on the 8th the results of a survey on the cost of purchasing items for the 2023 Lunar New Year ancestral rites table, conducted at a total of 22 locations including traditional markets, large supermarkets, and Garak Mall in Garak Market across 7 districts in 5 regional living zones within Seoul.
The corporation annually surveys 36 major seasonal items (based on a family of 6-7 members) reflecting the trend of simplified ancestral rites tables and the high demand during Lunar New Year.
This survey was conducted on the 3rd by the Seoul Price Survey Monitoring Team, who directly visited a total of 22 distribution sites in Seoul (14 traditional markets, 7 large supermarkets, and Garak Mall in Garak Market) to investigate the purchase costs of key seasonal items for the Lunar New Year ancestral rites table.
As a result, the purchase cost at large supermarkets this year was 279,326 KRW, a 4.0% increase compared to the previous year, while the purchase cost at traditional markets was 228,251 KRW, a 6.3% increase from the previous year, showing that traditional markets are approximately 18% cheaper than large supermarkets.
Fruits (apples, pears, persimmons) and livestock products (beef, pork) remained stable in price across all purchase locations compared to the previous year, whereas vegetables (green onions, zucchini) and seafood (squid, yellow croaker) showed some price increases compared to the previous year.
Traditional markets were found to offer fruits at an average of 19% lower prices and livestock products at about 25% lower prices compared to large supermarkets. Conversely, processed goods (flour, pancake mix, etc.) and rice were relatively cheaper at large supermarkets.
The purchase cost at Garak Mall, located within Garak Market and known for its low cost, was 213,084 KRW, which is 7% and 24% lower than traditional markets and large supermarkets, respectively. In particular, prices for wild edible plants (jujube, chestnuts), vegetables (cabbage, green onions, zucchini), and other processed foods at Garak Mall were notably cheaper than at other purchase locations.
The price outlook for agricultural, marine, and livestock products for this Lunar New Year (based on Garak Market) shows overall stability due to increased production from favorable crop conditions. However, some vegetable items such as zucchini and green onions have temporarily shown price strength compared to previous years due to recent cold waves and heavy snowfall.
Considering the high price volatility of seasonal items for Lunar New Year, the corporation plans to provide continuous updates on prices and transaction trends of major consumer items on its website until the holiday. Additionally, through the corporation’s YouTube channel, it will offer on-site distribution information such as market price trends of seasonal items introduced by professional auctioneers from Garak Market.
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