Government Launches Nationwide Discount Events to Stabilize Rising Holiday Costs.

By Kim Ji-seop, Jung Seok-woo

With Chuseok approaching on the 6th, major food ingredient prices have surged significantly, raising alarms for preparing ancestral rites tables. Rice and glutinous rice prices have jumped over 30% compared to last year’s Chuseok, causing fluctuations in prices for rice cakes like songpyeon and injeolmi, while meat and fish prices continue their steep rise.

Amid last month’s consumer price index rising back to the 2% range after two months, the government is scrambling to stabilize prices by announcing nationwide discount events.

◇Prices Significantly Higher Than Last Year’s Chuseok

According to the Korea Agro-Fisheries & Food Trade Corporation’s price information (KAMIS) on the 2nd, the price of 20kg premium rice on the 1st—five days before this year’s Chuseok—was 67,327 Korean won, a 31.3% increase from 51,282 Korean won five days before last year’s Chuseok (September 12). Rising rice prices have driven up the cost of Chuseok songpyeon. Lee Mo, 61, who runs a rice cake shop in Seoul, said, “Due to increased rice and labor costs, we’re charging 15–20% more for songpyeon than last Chuseok.” Glutinous rice prices, used for injeolmi, surged 63.3% over the same period (3,941 → 6,437 won per kg). Prices for livestock products like beef, pork, and eggs also rose sharply, with year-on-year increases of 28.8%, 12.8%, and 12.4% respectively five days before Chuseok. A Ministry of Economy and Finance official said, “Prices for rice and glutinous rice rose sharply this year due to inventory shortages, while premium Korean beef, known as hanwoo, was significantly cheaper than average last year due to severe oversupply.”

As prices for various ingredients and processed foods rise, the overall consumer price index is gradually increasing again. According to the Ministry of Data and Statistics on the 2nd, last month’s consumer price index rose 2.1%, marking the first time in two months it returned to the 2% range. The index had stayed in the 2% range in June–July but dropped to 1.7% in August due to reduced telecom fees following the SK Telecom hacking incident.

Bread prices rose 6.5%, continuing a seven-month streak of over 6% increases since March. Processed food prices also rose 4.2%, driven by increases in bread (6.5%) and coffee (15.6%).

◇Government Launches Major Discount Events for Automobiles, Appliances, and Agricultural Products

As consumer prices rebound and domestic demand stagnation persists, the government is collaborating with major institutions and companies to prepare large-scale discount events. At an economic ministerial meeting on the 2nd, the government announced the “Korea Grand Festival,” a record-breaking integrated consumption event involving 30,000 manufacturers, distributors, and small businesses from the 29th to November 9th.

Automobile and home appliance discounts will be concentrated during the festival. With a 30% reduction in individual consumption tax on cars until the end of this year, five domestic automakers, including Hyundai Motor and Kia, will offer year-round lowest-price discounts on midsize sedans and SUVs. Detailed discount plans will be released by the end of this month. Last year, the Ioniq 5 and 6 and Porter EV received discounts of up to 5 million won. For home appliances, special discounts will be added to existing purchase rebates for high-efficiency products. Major retailers like E-Mart, Lotte Mart, Homeplus, CU, GS25, Shinsegae, and Lotte Department Store, along with 916 traditional markets and 198 neighborhood supermarkets nationwide, will also hold special discount events. Fashion companies such as Handsome, Samsung C&T, and LF will participate as well.

Agricultural, livestock, and fishery products will be discounted intensively for kimchi seasoning from October 30th to December 3rd. Around “Korean Beef Day” on November 1st, premium Korean beef, known as hanwoo sirloin, will be sold at up to 50% discounts, and seafood promotions will run from October 31st to November 2nd. Online shopping malls like Coupang, Naver, Gmarket, 11th Street, and Musinsa will offer time-limited and exclusive deals on 20,000 small business products.

Additional discounts will be available for public gift certificates. Local gift certificates can be purchased at 15% (capital region), 18% (non-capital region), and 20% (population-declining areas) discounts with 5% additional national funding support. Digital Onnuri gift certificates offer 15–25% discounts, combining a 10% base recharge discount with special rebates of 5–15%.

A “Mutual Growth Consumption Lottery” will also be introduced, giving lottery tickets to customers who spend over 50,000 won at small business stores or traditional markets. With a total prize pool of 2 billion won, 5,000 winners will receive awards, including a first prize of 20 million won. First-prize winners will be selected exclusively from those with non-capital region consumption records.

Published Date: October 3, 2025