Large supermarkets ahead of the Chuseok peak season... expanding discounts to ease the burden on shoppers

[Financial News] With the cost of Chuseok ancestral rite tables at large supermarkets found to have risen by 1.6% this year compared with last year, major supermarkets are expanding their own discount promotions ahead of the peak season. They are lowering prices by increasing discounts on major seasonal goods and food items, joining efforts to ease the burden on holiday shoppers.
According to the Korea Price Information Association, a specialized price research organization, the cost for a family of four to prepare a Chuseok ancestral rite table at a large supermarket was 397,700 won as of the 4th, the organization said on the 14th. This was 1.6% higher than last year's 391,350 won. Rising prices for some vegetables, livestock products, and seafood pushed up the overall cost, but falling prices for some vegetables, including napa cabbage and spinach, partially offset the increase.
The cost of a Chuseok ancestral rite table at large supermarkets has remained in the 390,000-won range over the past five years, except in 2023, when it reached an all-time high of 403,280 won amid rising prices for fruits such as apples, rice, and seafood. Given the widespread concerns about rising prices for agricultural, livestock, and fishery products due to this summer's heatwaves and heavy rains, the increase in the overall cost of the ancestral rite table is considered relatively limited.
The government is also expanding support to stabilize the prices of seasonal goods ahead of Chuseok. After allocating a record 103 billion won to discounts on agricultural, livestock, and fishery products, it has decided to provide an additional 90 billion won. As a result, the discount period for agricultural and livestock products has been extended by one week, from the originally scheduled 23rd to the 30th, including the Chuseok holiday. Discounts will be provided on approximately 12,000 agricultural and livestock products at large and small supermarkets and online malls.
Large supermarkets are also expanding their own promotional events, separately from the government's discount support, to ease the burden of Chuseok grocery prices. They typically hold discount events ahead of the holiday, focusing on seasonal goods such as fruits and vegetables that see increased demand. They lower their own margins or add card and membership benefits to reduce the prices of key items as perceived by consumers. This year, too, they are continuing discount promotions on major food items as demand for Chuseok shopping begins in earnest.
Emart is continuing its weekly discount events for Chuseok seasonal goods. At the 'Goraeit Festa,' held from the 3rd to the 6th, it sold items including pears from Naju, South Jeolla Province, and newly harvested apples at discounted prices. From the 10th to the 16th, it is holding a 'Chuseok Food Event' offering discounts on processed foods in high demand during the holiday. Starting on the 17th, its 'Bountiful Chuseok' event will offer major seasonal goods, including LA galbi, octopus, rice, and fruit for ancestral rites, at special prices.
Lotte Mart is holding the 'Autumn Seasonal Fresh Festa,' offering discounts focused on seasonal fresh foods. The produce section is offering seasonal fruits and vegetables, while the meat and seafood sections are offering major fresh products at discounted prices. In particular, through the 'Tongkeun Galbi Battle,' the meat section is offering Nonghyup Ansim Hanwoo Grade 1 sirloin, soup meat, and bulgogi at discounted prices.
Homeplus has also been running the 'Homeplus is Back' campaign to curb Chuseok prices since the 10th. Until the 16th, it is offering up to 40% off all Hanwoo products and selling fruits and vegetables at membership-discounted prices. During the event, it is also holding a buy-one-get-one-free (1+1) promotion on approximately 180 items, including cooking oil, frozen foods, beverages, and detergents.
"As the holiday season is a time when the burden of grocery prices increases, we are focusing on expanding benefits that customers can feel," an industry official said. "We are continuing discount events centered on popular items because they can contribute to price stability while also attracting customers and stimulating consumption."
[email protected] Jang Yu-ha Reporter