I thought sales would drop due to the recession... but Chuseok gift set sales increased

As In-Person Meetings Become Difficult Due to COVID-19,
More People Send Gifts
SSG.com Sees 80% Increase in Gift Set Sales
Contrary to Expectations, High-End Gifts Also Popular

'Yeonggwang Gulbi Set' sold at Galleria Department Store. The price is 1,500,000 KRW.

[Asia Economy Reporter Seungjin Lee] Despite the prolonged COVID-19 pandemic and the resulting economic downturn, sales of Chuseok gift sets have increased. It appears that as it became difficult to meet family or acquaintances face-to-face due to COVID-19, more people chose to express their feelings through gifts.

According to the distribution industry on the 28th, from the 13th to the 25th, SSG.com’s Chuseok gift set sales grew by 80% compared to the same period of last year’s pre-order sales. Popular items included meat sets and fruit sets, and sales of health functional food sets also increased significantly compared to previous years.

Initially, the industry expected overall Chuseok gift set sales to decline due to COVID-19, with a sharp decrease in demand for high-priced products. However, it is reported that consumers continued to seek high-end gift sets such as the 'Chosun Hotel Refrigerated Hanwoo Rib and Sirloin Mixed Set' sold for 1.25 million KRW on SSG.com.

Galleria Department Store also saw an increase in Chuseok gift set sales compared to last year. From the 19th to the 24th, sales of Chuseok gift sets rose by 20% compared to the same period last year. By category, fish sets increased by 30%, fruit sets by 30%, wine by 20%, and meat sets by 15%.

Fish sets showed strong growth, mainly driven by gift sets including premium dried yellow corvina (gulbi). While there are relatively affordable gulbi gift sets priced around 150,000 KRW, most products are high-priced at around 500,000 KRW, with the most expensive product reaching 1.5 million KRW, indicating that high-priced gift sets remain popular despite the economic downturn.

The industry views the unexpected strong performance of Chuseok gift sets as a result of COVID-19. With a recent surge in COVID-19 cases, more people are choosing to stay home instead of visiting their hometowns this Chuseok, reflecting a desire to convey their feelings through gifts. In particular, the high growth rate of Chuseok gift set sales on SSG.com is attributed to the increasing number of consumers seeking non-face-to-face consumption, concentrating demand online.

In fact, according to a 'Chuseok Gift Trend Survey' conducted by Lotte ON from the 3rd to the 5th with 3,000 customers, one in two respondents said they would spend the holiday at home with family instead of visiting their hometown. Additionally, 62.5% of respondents said they planned to purchase gifts online.

A distribution industry official explained, "This is the first Chuseok since COVID-19, and the industry diversified product price ranges and assortments, which seems to have some effect." They added, "It is also analyzed that many customers have increased purchases of health functional food gifts for their parents."

Meanwhile, the distribution industry will begin full-scale sales of Chuseok gift sets starting this week. Lotte ON has launched Chuseok gift set sales under the theme 'Stay healthy at home! Gifts made easy!' Lotte Department Store will introduce a 'Gift Set Subscription' during this Chuseok period, allowing customers to receive gifts in installments.

Convenience store chains such as GS25, CU, Seven Eleven, and Emart24 have also simultaneously started selling Chuseok gift sets. Emphasizing health and non-face-to-face themes, they are offering various home-stay products ranging from camping cars priced at around 70 million KRW to health foods, gardening supplies, and home drinking items.

This content was produced with the assistance of AI translation services.