Lunar New Year Ancestral Table Costs 22% Less at Traditional Markets Than at Large Discount Stores

Korea Small Enterprise and Market Service compares Lunar New Year ritual offering prices between traditional markets and large discount stores

A survey found that preparing food for this year's Lunar New Year ancestral rites at traditional markets is about 22% cheaper than at large discount stores.

On February 6, the Korea Small Enterprise and Market Service announced the results of a price comparison survey on 28 items for Lunar New Year ritual offerings. The survey was conducted from January 26 to 30 at 37 traditional markets and 37 nearby large discount stores.

The survey showed that, for a family of four, the average cost of setting up a Lunar New Year ancestral table was 324,260 won at traditional markets and 415,002 won at large discount stores. In other words, traditional markets were about 90,742 won (21.9%) cheaper than large discount stores.

By item category, traditional markets had a price advantage over large discount stores in the following order: vegetables (50.9%), seafood (34.8%), and meat (25.0%). In addition, traditional markets were cheaper than large discount stores for 22 out of the 28 items surveyed.

In particular, traditional markets showed a notable price advantage for peeled bellflower roots (70.4%), bracken (61.3%), dried pollack fillet (51.2%), jujubes (46.5%), beef for soup (44.8%), minced pork (30.2%), and mung bean sprouts (27.0%).

In Tae-yeon, Chairman of the Korea Small Enterprise and Market Service, said, "These survey results show that traditional markets are a choice that can reduce the financial burden of Lunar New Year holiday shopping," adding, "We hope that, during the Lunar New Year holiday, people will shop at traditional markets to ease the burden on their household budgets and spend a warm holiday sharing kindness with neighboring merchants."