Korea Agro-Fisheries & Food Trade Corporation Survey of Over 3,000 People
High Purchase Intentions for Fruits and Beef
Top Spending Range: 100,000 to 200,000 KRW
Major Item Retail Prices Rise Compared to Average Year
This year, the items consumers most consider for Chuseok gifts are fruits and beef. Although the budget for gift set purchases is mostly between 100,000 and 200,000 KRW, reflecting a high preference for cost-effectiveness (performance relative to price), the retail prices of these items have risen compared to previous years, increasing the financial burden.
According to the "Chuseok Seasonal Products and Gift Set Purchase Intention Survey" conducted by the Korea Agro-Fisheries & Food Trade Corporation (aT) from the 31st of last month to the 5th of this month, targeting over 3,000 consumers aged 19 and above residing in Korea, 25.2% of respondents chose apples as their top priority for Chuseok gift sets this year. This was followed by beef at 16.2% and mixed fruit sets at 12.8%.
Last year, 21.4% of respondents said they would gift beef for Chuseok, the highest proportion, followed by 16.8% who chose health functional foods, showing a slight change in ranking. The combined proportion of respondents who chose apple sets and mixed fruit sets was 38.0%, meaning about 4 out of 10 people preferred fruits.
Among the detailed compositions of mixed fruit sets, 69% chose a combination of apples and pears, making up the vast majority. Other combinations included pear, apple, and Shine Muscat at 5.6%; melon and Shine Muscat at 2.2%; pear and Shine Muscat at 2.2%; pear, apple, and grapes at 1.9%; and apple and Shine Muscat at 1.9%, in that order.
The average expected budget for Chuseok gift sets among survey participants was around 180,000 KRW. Specifically, 29.4% chose the 100,000 to under 200,000 KRW range, ranking first. This proportion slightly increased compared to last year's Chuseok (27.5%) and this year's Lunar New Year (27.0%). Following this, 25.8% considered 50,000 to under 100,000 KRW, 21.4% chose 200,000 to under 300,000 KRW, and 9.5% considered under 50,000 KRW, indicating a high proportion of respondents considering relatively modest budgets.
On the other hand, the average retail prices of preferred fruits have risen compared to previous years, increasing the burden on consumers' shopping baskets. According to aT's agricultural and fishery product distribution information, the average retail price for 10 Fuji apples was 32,575 KRW as of the 21st, a 12.67% increase compared to the average year. For pears, the average retail price for 10 Wonhwang pears was 33,863 KRW on the same date, 14% higher than usual, and for the Singo variety, the average price was 69,992 KRW as of the 14th, soaring 80.19% compared to the average year. For beef, the retail price per 100g of grade 1 tenderloin was 12,379 KRW on the 22nd, up 2.6% from the same period last year.
The Ministry of Agriculture, Food and Rural Affairs expects that as apples and pears are shipped in earnest ahead of the holiday, their prices will gradually decrease for consumers following the drop in wholesale prices starting in September.
In fact, the Korea Rural Economic Institute (KREI) forecasts that next month, the wholesale price of apples will fall by 54.8% to 34,182 KRW per 10 kg compared to a year ago. Retail prices are also expected to drop by 12.5% to 26,782 KRW per 10 apples. Additionally, next month’s wholesale price for pears is predicted to decrease by 11.8% to 44,249 KRW per 15 kg, and retail prices are expected to fall by 8.7% to 28,013 KRW per 10 pears.
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