Closed wallets due to sharp rise in seasoning vegetable prices in South Korea

The article highlights the significant impact of 'sticker shock' on the consumption of seasoned vegetables such as garlic, green onions, and onions. The Rural Development Administration conducted a survey to understand the effects of price fluctuations on consumer behavior, finding that 84.6% of respondents were price-sensitive. The research also showed a decrease in the average purchase amount of these vegetables over the years, with garlic purchases decreasing by 68.4% from 2010 to 2023. The administration emphasizes the need for stabilization of supply and demand to boost consumption.

It was found that the consumption of seasoned vegetables such as garlic, green onions, and onions is greatly affected by the so-called ‘sticker shock’. ‘Sticker shock’ means that consumers are shocked when they see the product price tag (sticker) and do not open their wallets because the price has risen. The Rural Development Administration analyzed how consumer consumption behavior changes when the prices of seasoned vegetables such as garlic, green onions, and onions rise sharply through the ‘2024 Agricultural and Food Consumption Trend Presentation Data Collection’. Jeong Jae-won, an agricultural researcher at the National Institute of Agricultural Sciences, Rural Development Administration, explained, “For example, the price of green onions soared 240% in April 2021 compared to the same month of the previous year, but fell 50% in April 2022,” and “We investigated how extreme price fluctuations affect the consumption behavior of seasoned vegetables.” According to a survey ...