[WEEKLY FOCUS] How to shop smart for Chuseok

These Chuseok holidays, some are feeling the pinch of higher prices of grocery items, prompting them to look for ways to save.
For more, we have our economics correspondent Lee Soo-jin joining us in the studio.
Welcome Soo-jin.

Thanks for having me.

So, Soo-jin, what do you suggest as a good way for shoppers to save this holiday?

Sure, with the Chuseok holiday weekend now upon us, many have started grocery shopping.
But the cost of preparing a Chuseok ancestral rites table, commonly used to gauge how high prices are during the holiday, has risen compared to last year.
So let’s take a look at some ways that shoppers can save.

Shoppers in South Korea are scrambling to shop smart ahead of Chuseok, or the Korean Thanksgiving holiday.
But the items on their shopping lists, are going up in price.

“Prices of food especially fruits like apples have gone up a lot.”

The average cost to prepare an ancestral rites table for Chuseok for a four-person family rose 1-point-8 percent on-year to 280-thousand-790 won, or around 209 U.S. dollars.

But buying these items at traditional markets was surveyed to cost around 179 dollars, 17 percent cheaper than the 214 dollars it would cost at large supermarkets.

And shopping with Onnuri discount vouchers, is a way to save even more at traditional markets.
This Chuseok, the discounts have been upped to 15 percent and some traditional markets even offer vouchers if customers spend a certain amount.
This means customers can purchase 100 dollars of goods for 85 dollars with the vouchers.
One chicken stall vendor says that she’s seen an uptick in the use of Onnuri vouchers thanks to the Chuseok measures.

“Around 70 percent of purchases are made with Onnuri vouchers. For us vendors, this is great because they work like cash and attract more customers to shop here.”

As for what you might find on a Chuseok ancestral rites table, meat like chicken, chestnuts, vegetables such as green onions, and seafood such as pollock were all surveyed to be cheaper at traditional markets than at large supermarkets this year.

Consumers can also shop at farmer’s markets set up by district governments in Seoul to offer cheaper groceries and to support farms nationwide during the Chuseok holidays.

“I come every year because the food here is fresh.”

At this farmer’s market in Gangnam-gu District, popular Chuseok items are sold directly by around 80 farms nationwide for around 10 percent less than standard market prices.
Despite the sweltering heat, these people have gathered since early in the morning, eager to buy fresh and affordable food to share with their families during the holiday.

Are there any items that are actually cheaper at large supermarkets?

Yes, and that’s why shopping around is also a way to shop smart.
Fruits like apples and pears, along with sikhye, the traditional Korean rice drink,.. were found to be cheaper at large supermarkets due to Chuseok sales.
The government is also closely monitoring prices to keep them low.
Here’s what the Finance Minister said at Thursday’s economic ministerial meeting.

“Ahead of Chuseok, we will work to stabilize prices by increasing supply, as some items remain costly due to the heatwave.”

The government increased the supply of apples and pears to wholesale markets by 3-point-5 times the usual amount starting three weeks before the holiday.

And just two days ago, on Thursday, ministers from the finance, agriculture, oceans and SMEs ministries all visited a traditional market in Seoul to check prices.
They acknowledged how prices of some items such as vegetables remain high due to the prolonged heatwave and pledged to further stabilize prices through additional measures such as expanding supply.

Is there a best time to shop?

Well there actually might be.
Interestingly enough, Chuseok this year fell earlier than last year when it began on September 28th and ended on September 30.
And that’s also partly why prices of some fruits like pears are high as the harvest period is not yet finished.
This is why shopping as late as possible might be yet another way to minimize costs.

But why do people feel that Chuseok menu items are so expensive?

Right,.. so most people we met at the markets still feel the pressure of high prices,
even though inflation slowed to the government’s target in August.

The consumer price index came to 114-point-5-4 last month, up two percent from the previous year, the lowest rate since March 2021.
The index has been showing a downward trend, as it has been under three percent for five straight months since April and it fell after seeing a slight jump in July.

But prices of certain items have, in fact, gone up.
Here’s why, according to an expert.

“Prices for Chuseok items specifically are expected to rise due to increased demand, which is different from the CPI data that represents overall prices.”

But by taking advantage of all these ways and places to save,.. shoppers will be able to honor their ancestors this Chuseok holiday without having to break the bank.

Alright, thanks for your report today.

Anytime.
source : https://www.arirang.com/news/view?id=276112