"Apples are as precious as gold, so I bought a gift set of 15 for 45,000 won. When I checked similar-sized gift sets at a large supermarket, they were around 70,000 to 80,000 won. I feel rewarded for my efforts since this morning."
On the 22nd at 11:30 a.m., housewife Lee Yeong-ran (67) visited the direct transaction market in front of the Dongdaemun district office and said, "Apples are so expensive that I even considered asking my husband not to hold a memorial ceremony this Lunar New Year." After filling out the delivery address for the gift set, she also purchased a 10,000 won package (1 kg).
As the Lunar New Year holiday approaches, more people are visiting local direct transaction markets due to skyrocketing prices. A direct transaction market is a temporary (irregular) market operated by municipalities to alleviate the burden of high prices on consumers. In Seoul, each district office offers relatively cheaper products by trading regional specialties or products from partner farms.
The increase in visitors to direct transaction markets is attributed to the fact that prices remain high even at traditional markets and large supermarkets. According to the Korean Statistical Information Service (KOSIS), the fresh food index increased by 9.8% compared to the same period last year. The fresh food index consists of 55 items that are prone to price fluctuations based on seasonal and weather conditions. Among these, fruit prices rose by 16.9%, with apples recording a 30.2% increase. During the same period, pears rose by 71.9%, tangerines by 46.2%, and persimmons by 36.6%. Cabbages increased by 51.8%, and radishes by 99.1%.
Kim (30s), a vendor selling pears at the Dongdaemun direct transaction market, noted, "The pears prepared for today were sold out within 30 minutes of opening." Choi Hyeong-sik (72), who bought a pear gift set from Kim, said, "There are 8 pears in it, but they asked me about 80,000 won at the supermarket for a similar set," adding, "I think 47,000 won is a reasonable price."
At another direct transaction market, residents came after hearing rumors about the low prices of jujubes and spinach. According to the Price Monitoring Center of the Korean Consumer Agency, the price of jujubes increased by 14.8% compared to last year's Lunar New Year, and the price of spinach also rose by 24.3%. Park Hye-mi (50), a resident of Mapo-gu, said, "Mangwon Market is also relatively cheap, but a friend's mother tipped me off that they are selling domestic jujubes (400 g) for 8,000 won here, which is about 1,000 to 2,000 won cheaper than Mangwon Market," adding, "I plan to make tea with the leftover jujubes after using them for ritual offerings."
Kim So-hye (33), a resident of Songpa-gu, said, "Spinach (Pohang spinach) is expensive these days. It costs around 6,000 to 8,000 won per kg," and added, "I came to buy some because the neighborhood women's association chair said I could get it for 4,000 won at the direct transaction market." Kim explained, "I'll use one kg for ritual vegetables and the rest for tonight's side dish," and purchased all the remaining spinach.
Experts view the phenomenon of opening runs (purchasing immediately after opening) and early sellouts at direct transaction markets as a response to rising prices ahead of the Lunar New Year. Professor Seo Yong-gu of the Department of Business Administration at Sookmyung Women's University noted, "As prices rise, real income inevitably decreases," and added, "In a situation where expenditure increases ahead of holidays, people are acting to minimize their spending as much as possible."
Lee Eun-hee, a professor in the Department of Consumer Studies at Inha University, said, "From the perspective of housewives who are responsible for holidays, they would not buy poor-quality foods," explaining, "They aim to purchase quality foods for their family at reasonable prices."
☞ What is a direct transaction market?
A temporary (irregular) market for agricultural, livestock, and fishery products operated by municipalities. It offers local specialties or products from area farms at reasonable prices through direct transactions between regions linked by sisterhood agreements. These markets are typically held shortly before holidays like the Lunar New Year or Chuseok, lasting anywhere from two days to about a week.
As of the 22nd, direct transaction markets in the areas of Geumcheon-gu, Gangseo-gu, Seodaemun-gu, Gangnam-gu, and Jongno-gu in Seoul have already closed. As of the 23rd, direct transaction markets in Dongdaemun-gu, Mapo-gu, Songpa-gu, and Seocho-gu are ongoing. In addition to Seoul, direct transaction markets for the Lunar New Year are being held nationwide in cities and counties. The opening times and locations of these markets can be found on the official municipal websites.