Korean floriculture small business owners are growing increasingly concerned as the traditional peak season of entrance and graduation approaches. Raw material prices have skyrocketed, and consumer sentiment has weakened. On top of that, there is a growing trend of people celebrating special occasions in their own ways or choosing a variety of alternatives instead of flowers.
Yang, who has been running a flower shop in Seongbuk-gu, Seoul, for 30 years, feels anxious even as the busy season of entrance and graduation ceremonies approaches. As the economic downturn becomes entrenched and flower prices soar, customers have stopped visiting flower shops altogether. To make matters worse, more consumers are now seeking alternatives to fresh flowers that wilt quickly, preferring items that can be kept for longer periods.
Yang said, "Every customer who comes in asks why flowers are so expensive, but the wholesale prices at the auction market have risen so much that there is nothing we can do. This is my 30th year running the shop, but these days I am seriously considering whether I should just close down."
According to the Korea Agro-Fisheries & Food Trade Corporation (aT) on January 15, auction prices for major items commonly used in bouquets have continued to rise this year. The average January auction price for a bundle of roses at the Yangjae Flower Wholesale Market, a popular choice for entrance and graduation gifts, was 17,603 won, up 66.3% from the previous year.
Read more at The Asia Business Daily
