[Anchor]

It is Monday for Friendly Economy, and reporter Han Jiyeon is here with us. Han, I heard that napa cabbage prices have dropped a bit this year?

[Reporter]

The kimchi-making season is approaching.

While napa cabbage prices have fallen compared to last year, the problem is that sub-ingredients like radishes and salted fermented shrimp have surged, increasing the overall burden of making kimchi.

Let us look at the price of napa cabbage first when preparing to make kimchi.

Based on the beginning of this month, the price of a single head of napa cabbage stood at 6,256 won, down 6.5% from a year ago.

Just looking at this, you might think it would be affordable to make kimchi this year.

However, kimchi is not made with cabbage alone.

The price of a single radish came to 2,778 won, marking a surge of nearly 33%.

This is because scorching heat waves and torrential heavy rains last summer prevented radishes from growing properly, reducing the volume supplied to the market.

Salted fermented shrimp, which gives kimchi its rich flavor, also jumped more than 23% to nearly 19,000 won per kilogram.

This is because warming seawater resulted in a smaller catch of shrimp.

Prices for domestic peeled garlic and red pepper powder are also on an upward trend, with red pepper powder surpassing 33,000 won per kilogram.

The slight drop in the price of cabbage is simply not enough to offset the rise in seasoning costs.

As a result, even ahead of the kimchi-making season, the sentiment to buy cabbage is weaker than in previous years.

The cabbage purchase intention index surveyed by the Korea Rural Economic Institute also stood at 97, falling below the baseline of 100.

This indicates that the demand for making kimchi directly has also cooled down.

[Anchor]

True, it seems like nowadays more people are buying pre-made kimchi as needed rather than making it themselves.

[Reporter]

Kimchi purchasing options are expanding, ranging from budget-friendly convenience store kimchi available for around 10,000 won using partnered credit cards to premium kimchi priced at 30,000 won per kilogram.

What single-person and two-person households look for the most is cost-effective kimchi.

One convenience store chain started taking pre-orders for kimchi-making season about two weeks earlier than previous years, beginning on September 29.

If customers pre-order a 5kg package of whole-cabbage kimchi using a partnered credit card, they can pick it up at a nearby storefront for 19,900 won, which includes a 10,000 won discount.

People who consume small amounts frequently opt for even smaller packages.

At an online grocery shopping platform, transaction values for small-capacity kimchi ranging from 100g to the 1kg range surged by 39% from July through September compared to a year earlier, more than double the growth rate of large-capacity packages of 5kg or more.

Private-label kimchi created by this platform in partnership with a major corporation also saw its transaction value grow by 56% just one year after its launch.

On the other end of the spectrum, expensive kimchi is also selling well.

Starting tomorrow, October 13, a department store is releasing kimchi made with ingredients crafted by traditional food masters, such as sun-dried salt from Sinan and salted fermented shrimp from Asan.

Priced at 30,000 won per 1kg of napa cabbage kimchi, it is about three to four times the level of packaged kimchi found in regular supermarkets.

Hotel kimchi is also enjoying popularity.

One hotel brand sold 54.0 billion won worth of kimchi alone last year, showing an average annual growth of over 20% since 2021.

Whether buying cheaply and in small portions or opting for genuinely expensive products, the kimchi market is showing a polarization trend.

[Anchor]

What is the final piece of news?

[Reporter]

Applications are being accepted for the Youth Future Savings account.

Starting today and running through Friday, October 16, eligible young people can apply regardless of their birth year restrictions.

Last week, application dates were divided depending on whether the last digit of birth years was odd or even.

With this odd-even system concluded, applicants can apply on any day they wish through October 16.

The process can be completed non-face-to-face without paperwork through apps across 14 institutions, including major commercial banks and post offices.

The Youth Future Savings account is a 3-year savings product that allows young adults aged 19 to 34 with an annual income of 75 million won or less, and whose household income does not exceed a certain threshold, to freely deposit up to 500,000 won per month.

The biggest advantage is the government-contributed funds.

The government adds 6% to the amount deposited by the user, or up to 12% depending on specific conditions.

However, if the annual income exceeds 60 million won, this support grant is not provided.

For example, if you deposit 500,000 won every month for 3 years totaling 18 million won, the government adds an extra 1.08 million won, or up to 2.16 million won.

In addition, taxes on the interest earned are exempted.

Combining interest rates, government subsidies, and tax exemptions, and converting it to a regular savings account equivalent, it yields an effect ranging from the 13% to 14% range for the general type, and the 18% to 19% range for the preferential type.

Following income screenings starting from October 19, the results will be announced on November 12 or November 13.

If approved, accounts can be opened and deposits can begin between November 16 and November 27.

Subscribers of the existing Youth Dohyak Account can also switch over if they pass the screening.

What is important here is that you must create the Future Savings account first, and then terminate the Dohyak Account through a special early termination method—meaning closing it while retaining the benefits received so far.

You must remember that the order should not be reversed.