As South Korea gears up for the Spring Festival, soaring commodity prices are pushing citizens toward practical and budget-friendly gift sets, as well as economical choices for traditional food offerings.
Supermarkets across the country highlight good buying holiday presents this year to cater for consumers' tighter budgets, providing more useful but not that typical gift set options, such as nuts, seasonings, and skin and health care products.
To further attract cost-conscious shoppers, supermarkets have increased their procurement for fruits with stable produce and prices, such as apples and grapes, while selling prices about 10 percent lower than previous years.
A survey by the Korea Agro-Fisheries and Food Trade Corporation showed that 43 percent of respondents planned to spend less than 50,000 won (around 34.98 U.S. dollars) on gift sets this year.
In a supermarket in Seoul, mid- to low-priced gifts sets are favored by consumers and sales for those under 10,000 won (around 7 U.S. dollars) have surged by 64.5 percent year on year.
"I feel a 1.5 times increase (in the cost on gift sets). I mainly look for gift sets that are priced between 30,000-50,000 won (around 20.99-34.98 U.S. dollars). Considering that the increase in the fruit price is pretty high, I switched to health care products and nori this year," said a Seoul resident.
Meanwhile, the tradition of preparing food offerings for ancestors remains integral to the Spring Festival, but rising agricultural prices are stretching household budgets.
A recent cold wave and heavy snow have impacted harvests, driving up the prices of radishes and cabbages by 113.3 percent and 72.6 percent, respectively, compared to the same period last year. Spinach, peppers, and dates have also seen significant price increases.
For a family of four, the average cost of preparing food offerings has reached 409,000 won (around 286.11 U.S. dollars), a record high.
"The agricultural products are way too expensive. I can only choose those with discounts. I'd say it's at least a 30 percent increase in the price," another resident of Seoul said.
To address the issue, the South Korean government has released 265,000 tons of essential goods, including apples, pears, eggs and beef, 1.6 times the usual supply.
Import duties on 10 kinds of fruits, including pineapples, oranges and bananas, have also been lowered.
Additionally, major retailers are rolling out holiday discounts to boost consumption during the holiday.
High prices drive South Korean consumers to cheaper festive goods
