Australian Beef Demand Picks up Ahead of Lunar Year
AUSTRALIA - Australian beef demand in Korea has improved over the last few weeks as Korean consumers buy beef gift sets ahead of Lunar New Year (25-27 January).
21 January 2009
1 minute read
Beef gift sets have traditionally been one of the most popular items to purchase for Lunar New Year, but red ginseng has taken the number one position in sales this year (Chosun Ilbo).
Retailers have focused on selling inexpensive beef gift sets this year due to the current economic situation in Korea, according to analysts at Meat and Livestock Australia.
The main discount retailers have reported that lower priced Hanwoo (domestic) beef gift sets have been selling well this month. The majority of imported beef gift sets sold so far have been Australian. According to Yonhap News, sales of US beef gift sets have been sluggish.
Discount retailer, E-Mart, stated that sales so far of Hanwoo sets and Australian beef sets have reached KRW1.25 billion (A$1,375,000) and KRW140 million (A$154,000), respectively, while sales of US beef reached only KRW50 million (A$ 55,000).
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