"Ancestor, I will skip the fish this time"... Lunar New Year Table Costs Hit Another Record High [Chosun Price Chronicles]

Agricultural Product Prices Surge Due to Sudden Cold Wave
Napa Cabbage and Radish Prices Up 44% and 74% Compared to Average

The cost of the Lunar New Year ancestral rites table this year has reached an all-time high. Shopping at large supermarkets approaches 400,000 won. This is due to the sharp rise in agricultural product prices caused by cold waves and heavy snowfall; the prices of napa cabbage and radish have increased by 44% and 74%, respectively, compared to average prices. With the prices of Lunar New Year gift sets also rising, the footsteps of visitors returning to their hometowns have become heavier.

According to a survey by Korea Price Information on the cost of the ancestral rites table at traditional markets and large supermarkets, the cost for a family of four this year was 302,500 won at traditional markets and 409,510 won at large supermarkets. This is the highest ever recorded, representing an increase of 6.7% and 7.2%, respectively, compared to last year's costs at traditional markets and large supermarkets. Last year's Lunar New Year ancestral rites table costs were 281,500 won and 380,580 won, respectively.

Ahead of the Lunar New Year holiday, as the cost of ancestral rites tables has risen due to abnormal weather conditions, on the 13th, customers are seen examining fruits and other agricultural products at a traditional market in Seoul. Photo by Yonhap News

The rise in costs this year was driven by fruits and vegetables. The prices of essential items for the ancestral rites table, such as apples and pears, are all higher than average. According to the Korea Agro-Fisheries & Food Trade Corporation (aT) Agricultural Products Marketing Information Service (KAMIS), as of the 14th, the retail price of apples (10 pieces, Fuji, premium grade) was 26,786 won, which is 2.05% higher than the average price of 26,247 won. The price of pears (10 pieces, Singo, premium grade) was 42,505 won, 29.7% higher than the average price of 32,766 won on the same date.

Vegetable prices are also high. The retail price of napa cabbage (1 head, premium grade) is 4,916 won, 44.2% higher than the average price of 3,410 won. The retail price of radish (1 piece, premium grade) is 3,205 won, which is 73.9% higher than the average price of 1,843 won. Among wild greens, spinach prices have risen significantly. The retail price of spinach (100g, premium grade) is 1,024 won, a 48% increase from the average price of 698 won.

The significant increase in the cost of the Lunar New Year ancestral rites table is due to the cold wave. The rise in fruit and vegetable prices is largely influenced by poor crop conditions, as recent heavy snowfall and cold waves have negatively affected agricultural product growth. Moreover, this year's Lunar New Year is more than 10 days earlier than last year's (February 10), and the demand for seasonal products amid poor crop conditions has driven up prices.

Additionally, the prices of Lunar New Year gift sets have also risen, increasing the burden. The price of the Dongwon Premium Set No. 60 sold at Homeplus last year (discounted price) was 34,930 won, but this year it rose by 38.5% to 48,370 won. The Mujinjang Apple and Anseong Pear set (8 apples and 4 pears) increased by 10,000 won from 79,900 won to 89,900 won. The Nonghyup Safe Hanwoo Premium Galbi Set rose by 2.9%, from 238,000 won to 245,000 won this year.

Some products have reduced quantity instead of price. CJ CheilJedang's Bibigo Chosari Gopchang Dolkim Set No. 1 is priced at 39,830 won at Homeplus (discounted price), the same as last year. However, this year’s set includes 3 packs of Chosari Gopchang Dolkim Jeonjang 20g, 2 cans of Chosari Gopchang Dolkim 25g, and 8 packs of Chosari Gopchang Dolkim Dosirak 5g, which is one less pack of Chosari Gopchang Dolkim Jeonjang 20g compared to last year.

There have been ongoing criticisms of 'shrinkflation'?reducing the number of items or quantity in gift sets. A survey of gift sets at department stores and large supermarkets during last Chuseok showed that 7 types had reduced quantities. According to the Korea Consumer Agency, among 283 products with the same composition compared between the 2024 Lunar New Year and Chuseok, 32 products showed price increases.

Government to Supply Record-High Volume of 16 Seasonal Products... 30% Refund Event Also Planned

A traditional market in downtown Seoul. Photo by Yonhap News

Amid concerns over consumer price burdens, the government has taken steps to stabilize supply by releasing seasonal products. To stabilize livelihoods, the government will supply a record-high volume of 265,000 tons of 16 seasonal products. Additionally, it will swiftly introduce quota tariff volumes for 10 imported fruits such as oranges, bananas, and pineapples, expanding imports of substitute fruits.

To further ease consumer burdens, large and small supermarkets and traditional markets will hold large-scale discount events. At supermarkets, discounts of up to 40% will be applied to 28 seasonal products for Lunar New Year, and up to 50% discounts on livestock products, continuing until the 29th.

Discounts are especially significant when shopping at traditional markets. The government will issue mobile gift certificates (Zero Pay Nonghal Gift Certificates) worth 20 billion won at discounted prices. Starting from the 23rd, an event will also be held at 160 traditional markets nationwide, refunding 30% of the purchase amount of agricultural and livestock products on-site in the form of Onnuri Gift Certificates.