SEOUL: Florists in Korea are facing a multifaceted crisis as a confluence of factors, including a shrinking student population and surging flower prices, impact the industry. The traditional peak sales period during the graduation season is witnessing a downturn in demand, leaving florists like Kim Yang-soon to navigate a challenging landscape.
The celebratory exchange of vibrant blooms during the graduation season, traditionally a boon for florists, is experiencing a significant dip due to a notable reduction in the student population. The Korea Agro-Fisheries & Food Trade Corporation highlights a staggering increase in the prices of popular graduation bouquet flowers, such as freesias, hydrangeas, and baby’s breath, with a surge of up to 35.4 percent from pre-pandemic levels in 2020. This stands in stark contrast to the global floriculture market forecast, which anticipates growth from USD 53.6 billion in 2022 to 101.9 billion by 2032 at a Compound Annual Growth Rate (CAGR) of 6.6%.
The root cause of the crisis lies in the demographic decline observed in the student population in Korea. The number of individuals aged 6 to 17 has plummeted by over one-third from 8.1 million in 2000 to 5.31 million in 2021. Consequently, the number of elementary graduates has seen a decline from 615,000 in 2000 to 451,000 in 2021, a trend expected to persist with an additional 16.7 percent reduction over the next five years.
Florists, such as Kim Yang-soon, are grappling with the impact, experiencing a significant drop of at least 50 percent in graduation season demand at her flower shop. Customers are also feeling the pinch, either paying more for fuller bouquets or opting for more affordable alternatives due to the inflated prices. The domestic flower farms, already struggling with reduced lands from 6,429 hectares in 2012 to 4,229 hectares in 2022, are facing intensified challenges as cheaper flower imports gain traction.
In navigating this turbulent landscape, the stark reality is that the once-vibrant floristry business in Korea, characterized by an array of colors and scents, is now withering under the combined pressures of demographic change and inflated prices.