Traditional markets see more younger visitors amid retro boom

The Yesan traditional market in South Chungcheong Province [Photo by MK DB]

Traditional markets are seeing a surge in the number of visits by people in their 20s and 30s on the back of a recent retro trend where younger diners enjoy nostalgic food.

The trend was apparent according to a recent analysis released by the BC Institute of Innovative Finance, the research arm of BC Card Co., on Wednesday on sales figures at 15 traditional markets nationwide during the first four months of the past five years from 2019 to 2023. The Yesan traditional market in South Chungcheong Province saw a 934 percent increase in younger visitors in 2023.

The frequency of visits to Seoul’s Sindang market, to the Gangneung Jungang market in Gangwon Province, to the Dongmun market on Jeju Island, and to the Mangwon market in Seoul also all increased by 117 percent, 70 percent, 25 percent, and 18 percent, respectively.

Behind the popularity of traditional markets is a fondness among young people for nostalgic food and settings. Instagram shows some 102,000 posts with the hashtag traditional market, some 31,000 posts with the hashtag market tour, and 38,000 posts with the hashtag market eatery, when searching those keywords in Korean.

The popularity of traditional markets among young people has led to a surge in sales from foreign tourists. In the first four months this year, sales from overseas travelers rose by 753 percent compared with the same period in 2021, though that was during the pandemic. The figure was up by 65 percent compared with 2020.

The influx of younger visitors has put sales at traditional markets on a steep growth trend every year since 2021, immediately after the Covid outbreak in Korea. The number of card transactions at traditional markets increased by 49 percent in the first four months this year compared with the same period in 2019.

“We conduct a data analysis to identify consumer trends and needs in various areas. We’ve been promoting traditional markets and small businesses nationwide to boost consumption, and will continue to seek collaboration opportunities with relevant organizations,” said an official from BC Card.