First Price Drop for This Chuseok Table... Government Supports 70 Billion Won for Table Setting Costs [AK Radio]

Cost of Charye Table Items Falls 2% Year-on-Year
Government Allocates 70 Billion Won for Chuseok Price Stabilization

Ahead of the upcoming Chuseok holiday, it has been revealed that the cost of Chuseok table settings this year has unusually decreased. According to Korea Price Information Service, the cost of a ceremonial table for a family of four was surveyed at 302,500 KRW in traditional markets and 394,100 KRW in large supermarkets. This represents a decrease of 2.1% and 2.3% respectively compared to last year, which is considered quite unusual given the annual trend of rising prices. Since the survey began in 2004, this is the first time the cost of the ceremonial table has dropped.

The main factor behind the price drop is the stabilization of apple prices. Last year, apple prices soared to the point of being called "gold prices," but this year, due to a good harvest, prices have fallen. In particular, not only apples but also major food items such as meat and rice have shown price stability, contributing to the overall price decline. Although vegetable prices rose somewhat due to the summer monsoon, overall perceived inflation has actually decreased, according to analysis.

Chuseok is one of the most important holidays in Korea, where families gather to prepare food and perform ancestral rites together. As the holiday approaches, related prices tend to rise, but this year, this trend has partially reversed. This is being seen as a positive sign for consumers, especially as the burden of table setting costs is expected to lessen.

[Image source=Yonhap News]

The government has prepared various measures to stabilize prices during Chuseok. It plans to supply stockpiled seafood such as pollock, squid, and mackerel, and invest 30 billion KRW in discount rebate events at supermarkets, traditional markets, and online malls. In particular, products can be purchased at about 45% cheaper prices in traditional markets compared to market prices, which is expected to greatly assist Chuseok preparations. Using Onnuri gift certificates also offers opportunities to buy goods at discounts of 30-40%. This is expected to provide greater benefits to consumers using traditional markets and positively impact the revitalization of these markets.

Through the Chuseok supply stabilization measures, the government is striving to stabilize prices of major agricultural, livestock, and seafood products. To curb vegetable price increases, it is increasing the supply of radish, apples, onions, beef, and pork, and plans to offer consumer benefits through rebate events using Onnuri gift certificates. The government is spending a total of 70 billion KRW to stabilize prices this Chuseok. In effect, the government is spending 70 billion KRW on the nation's Chuseok table setting costs.

As the Chuseok holiday approaches, interest among office workers regarding bonus payments is also rising. Since the holiday is an important time for families to gather, expenses tend to increase due to food preparation and pocket money spending. Therefore, whether bonuses will be paid is a major concern for office workers.

This year’s Chuseok holiday runs from Monday to Wednesday, and combined with the weekend, it becomes a golden holiday of up to five days. During this period, many people plan to visit their hometowns or travel, leading to expected increases in traffic and congestion at travel destinations.

The government has prepared various benefits for those traveling to provinces during the holiday, including waiving highway tolls and providing 500,000 accommodation discount coupons for non-capital regions. These measures are expected to greatly assist those wishing to spend time with family during the Chuseok holiday.

Fruit gift sets remain popular as Chuseok gifts. According to a survey by E-Mart, sales of apple sets increased by more than 50% compared to last year, and sales of mixed fruit sets including pears and Shine Muscat grapes also rose. This reflects consumers’ preference for practical and reasonably priced gifts.

Under the Kim Young-ran Act, during the Chuseok period, agricultural, livestock, and seafood products and processed products can be gifted up to 300,000 KRW. This provides consumers with more options during the holiday and allows them to purchase high-priced gift sets without burden. In particular, demand for fruit gift sets has increased this year as apple and pear prices have stabilized. While demand for high-priced gift sets such as beef remains high, the popularity of fruit gift sets is more pronounced.

This year’s Chuseok is expected to be less burdensome for consumers due to price stabilization and various government support policies. However, some consumers express concerns that the government’s price stabilization measures are merely artificial interventions. They point out that the price drop may be temporary and prices could rise again after the holiday.

Despite such concerns, the government continues to strive for price stability, and consumers should make wise purchases to fully benefit from these policies. Buying necessary items in advance or actively utilizing discount benefits could be advantageous for consumers. With the long holiday, price drops, and various government support policies, this year’s Chuseok is expected to be a more relaxed and enjoyable holiday than usual.

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