Seol Charyesang Traditional Market 220,000 Won · Large Mart 279,326 Won

Seoul Agro-Fisheries & Food Corporation Announces Survey Results on Lunar New Year Ancestral Rite Table Costs at 14 Traditional Markets, 7 Large Supermarkets, and Garak Market (Garak Mall) in Seoul

This year, the average cost of purchasing an ancestral rite table for a family of 6-7 is 228,251 KRW at traditional markets and 279,326 KRW at large supermarkets. Compared to last year, traditional markets (214,753 KRW) saw a 6.3% increase, while large supermarkets (268,549 KRW) experienced a 4.0% rise.

[Asia Economy Reporter Park Jong-il] This year’s Lunar New Year shopping shows that the purchase cost at traditional markets is 228,251 KRW, while at large supermarkets it is 279,326 KRW, making traditional markets approximately 18% cheaper than large supermarkets.

This fact was revealed through a survey conducted by the Seoul Agro-Fisheries & Food Corporation (President Moon Young-pyo) to provide helpful information for Lunar New Year shopping. The survey covered a total of 22 locations, including traditional markets, large supermarkets, and Garak Market Garak Mall across 7 districts in 5 living zones within Seoul in 2023.

The corporation annually announces the costs based on 36 major seasonal items (for a family of 6-7) reflecting the trend toward simplified ancestral rite tables during the Lunar New Year.

This survey was conducted on January 3 by the Seoul Price Survey Monitoring Team, who directly visited 22 distribution sites in Seoul (14 traditional markets, 7 large supermarkets, and Garak Market Garak Mall) to investigate the purchase costs of key seasonal items for the Lunar New Year ancestral rite table.

The results showed that this year, the purchase cost at large supermarkets was 279,326 KRW, a 4.0% increase from the previous year, while traditional markets recorded 228,251 KRW, a 6.3% increase from last year. Traditional markets were found to be about 18% cheaper compared to large supermarkets.

Fruits (apples, pears, persimmons) and livestock products (beef, pork) remained stable in price across all purchase locations compared to last year, but 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 about 25% cheaper than 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.

At Garak Mall, prices for wild edible plants (jujube, chestnuts), vegetables (cabbage, green onions, pumpkin), and other processed foods were especially cheaper compared to other purchase locations.

The price outlook for agricultural, livestock, and seafood products this Lunar New Year (based on Garak Market) shows overall stability due to increased production from favorable crop conditions. However, some vegetables like zucchini and green onions temporarily show strength in prices due to recent cold waves and heavy snowfall compared to previous years.

Apples and pears have stable prices as good crop conditions have increased stored quantities compared to last year. Especially, favorable weather during the growing season has resulted in good fruit enlargement, and the proportion of medium to large fruits shipped is expected to increase compared to previous years.

Cabbage and radish prices remain stable due to increased cultivation area and production volume. On the other hand, some vegetables such as zucchini and green onions have seen slight price increases due to poor growth caused by recent cold waves and heavy snowfall, as well as increased heating costs for facilities.

Seafood prices have been affected by rising raw material costs and decreased catches, leading to reduced quantities of pollock, squid, and anchovies. However, prices are expected to gradually stabilize due to government stockpile supply expansion and other price stabilization measures for major seasonal items.

Livestock product prices are generally stable due to increased supply such as higher Hanwoo (Korean beef) breeding volumes. However, chicken prices have risen slightly due to increased breeding costs and concerns over the spread of highly pathogenic avian influenza (AI) during winter.

Considering the high price volatility of Lunar New Year seasonal items, the corporation plans to provide continuous updates on major consumer item prices and transaction trends on its website until the Lunar New Year.

Additionally, through the corporation’s YouTube channel, it will offer on-site distribution information such as market price trends introduced by professional auctioneers at Garak Market.