Korean Chuseok Gift Prices Drop for First Time in Years

The cost of Chuseok gift baskets has decreased for the first time since 2004, according to a recent survey by the Korea Consumer Price Information Agency. The survey, conducted three weeks before the holiday, found that the average cost of a gift basket for a family of four is 302,500 won at traditional markets and 394,160 won at large supermarkets. This represents a 2.1% and 2.3% decrease from last year’s Chuseok, respectively. The price drop is attributed to the decline in fruit prices, particularly apples, which had reached record highs last year. This year, improved harvests and increased supply have led to lower prices. The prices of rice and processed food items have also fallen, while meat prices remain stable. However, vegetable prices have increased due to recent floods. Despite the fluctuations, the overall outlook for Chuseok gift basket prices is positive due to improved agricultural conditions. Experts advise consumers to wait until after the summer heat has passed and produce harvests are at their peak to purchase produce at the most competitive prices.