South Korea Chuseok costs rise amid declining holiday bonuses

As the Chuseok holiday approaches in South Korea, data indicates rising costs for ritual food preparations and a decline in corporate holiday bonuses.

Research from the Seoul Metropolitan Agricultural, Marine and Fisheries Corporation shows that the average cost for a 6-person family's ritual table has increased by approximately 5% compared to last year. This rise is primarily driven by a 14.7% surge in vegetable prices, including zucchini, radish, and bellflower root, due to summer heatwaves and heavy rain. While fruit prices remained relatively stable, traditional markets generally offer lower prices for fresh produce and seafood compared to large supermarkets, though supermarkets remain more competitive for processed goods.

Simultaneously, a survey by the Korea Enterprises Federation reveals that the proportion of companies planning to pay Chuseok bonuses has decreased to 61.0%, down from previous levels. Many companies cited weakened ability to pay as a primary reason for the reduction. Regarding holiday schedules, approximately 76.5% of surveyed companies plan to observe a four-day break, aligning with the official public holiday period.