This year’s Lunar New Year’s price, apple, pear, and oyster prices fall and Korean beef rises

Provided by E-Mart

This year’s New Year’s Eve gift sets are expected to be available at cheaper prices than last year. Although the market price of Korean beef continues to rise, demand is expected to grow further as the futures price rises.

E-Mart announced on the 5th that it was found as a result of analyzing the price trends of major fresh foods about a month before the Lunar New Year. E-Mart, citing data from the Korea Rural Economics Institute, explained that the production of apples and pears last year increased by 13.2% and 39.3%, respectively, compared to the previous year, due to relatively better weather conditions than in 2020.

As production increased, the average monthly wholesale price of apples and pears also fell by more than 20% compared to the previous year as of December last year. As a result, E-Mart reduced the price of pear and apple gift sets by up to 20%.

Seafood prices also fell. According to the Fisheries Observation Center of the Korea Maritime and Fisheries Development Institute, as of November of last year, the local price per 1 kg of reference flag was 10,730 won, down 2% from the previous year (19,944 won). Although the production of reference machines last year decreased compared to 2020, the price fell as production increased by 21% compared to the normal year and inventory increased due to sluggish consumption, E-Mart explained. The price of E-Mart’s Gulbi gift set is also reduced by up to 5%.

Since 2020, when the COVID-19 crisis began, the price of Korean beef has continued to increase due to the increase in demand due to the spread of home-cooked culture. According to the Livestock Products Quality Assessment Service, as of December of last year, the average wholesale price per kg of Korean beef carcass (beef with bones and organs removed) was 2445 won, up 6.7% from the same period last year (18,786 won). E-Mart predicted that even if the price rises, the demand for Korean beef is expected to increase as the price of agricultural, livestock, and marine products will be raised to 200,000 won under the Solicitation and Graft Act from the Lunar New Year this year.

E-Mart freezes the promotional price for this year’s representative Korean beef products ‘Pecock Korean Beef Refrigerated Set No. 2 (Korean Beef Grade 1 2kg, 171,000 won)’ and ‘Pecock Jeju Black Korean Beef No. 2 (Black Korean Beef 2kg, 151200 won)’ In addition, the discount rate for ‘Pecock Korean Beef Rib 1++ Grade Set (Hanwoo Rib 1++ Grade 3.2kg)’ was increased from 20% last year to 30% this year. Hunhak Choi, managing director of marketing at E-Mart, said, “With the price of major gift sets excluding Korean beef showing a stable trend, we have prepared a mid- to long-term roadmap for gift set preparation so that we can present the best products to customers at the lowest price.”

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