A flower shop owner arranges bouquets on display at Yangjae-dong flower market in southern Seoul, Sunday. Yonhap

Kim, a 51-year-old florist based in central Seoul, has seen a significant drop in customers in recent weeks, receiving only three to four bouquet orders despite this period typically being one of the busiest times of the year.

"The peak season effect of the graduation period has become a thing of the past," she said, recalling when she used to have a steady stream of customers looking to buy flowers every February.

However, this year, flower purchases appear to have declined as prices increased amid the economic downturn, she said.

"I had many visitors who came and asked for the price of a bouquet but left without buying anything because they found it too expensive. Nowadays, only a few regular customers come to buy flowers," Kim said.

February has arrived, bringing a string of graduation ceremonies from elementary schools to universities across the country. However, consumers' wallets remain firmly closed due to high flower prices and the ongoing economic recession.

Instead, customers have chosen to opt for less expensive alternatives.

Jung, 49, made a non-flower bouquet for her daughter's middle school graduation last week because she found a real flower bouquet to be too expensive.

"The price of real flowers is so high, so I bought a stuffed animal and chocolates to make a bouquet that suits my daughter's taste. They are cheaper than flowers and more practical and unique as well," she said.

A flower bouquet that originally cost 50,000 won is resold for 18,000 won on Danggeun Market in Seoul. Captured from Danggeun Market's application

On Danggeun Market, Korea's largest secondhand market platform, hundreds of posts have been uploaded in the past month, offering graduation bouquets for resale.

The price range was between 5,000 won ($3.40) and 30,000 won, significantly cheaper than bouquets at flower shops, which typically range from 40,000 won to 60,000 won.

"Used flower bouquet from a graduation ceremony that took place today," a Danggeun Market post that was uploaded last Friday read. The bouquet that was originally priced at 50,000 won was resold for 18,000 won that day.

Several online posts share tips on how to make bouquets at home using inexpensive materials like dolls, chocolates and knitted flowers instead of real flowers.

"We need a bouquet for graduation photos, but isn't it a waste to buy a whole new one when flowers are so expensive?" one of the posts read, suggesting tips to make a non-flower bouquet.

According to a flower distribution information system provided by the Korea Agro-Fisheries & Food Trade Corp. on Monday, the trading volume of cut flowers used for making bouquets at Yangjae-dong flower market — the largest flower market in Korea — was about 372,000 bundles from Feb. 1 to 9. This represents a 21.9 percent decrease compared to the 453,000 bundles sold during the same period last year.

Also the auctioned amount also decreased by 34 percent from last year's 3.2 billion won during the same period.

"Consumer sentiment has significantly declined amid the economic downturn recently, and people are seeking cost-effective products," Lee Hong-joo, a consumer economics professor at Sookmyung Women's University, said.

Flower bouquets are on display at a flower shop in Yangjae-dong flower market in southern Seoul, Jan. 12. Yonhap