Shinsegae Department Store: "This Year's Chuseok Gift No.1 is Korean Beef, Not Red Ginseng"

Popular Among Honchu Group

[Asia Economy Reporter Cha Min-young] Luxury Korean beef has returned as the number one Chuseok gift. With consumers refraining from traveling home and paying more attention to Chuseok gifts, combined with the temporary relaxation of the Improper Solicitation and Graft Act (Kim Young-ran Act), demand for premium gift sets has increased, leading Korean beef sales to surpass health products, which had been the dominant holiday gift choice.

According to Shinsegae Department Store on the 23rd, sales of meat sets including Korean beef among this year’s Chuseok gift sets grew by 36.6% compared to the previous year, exceeding the growth rate of health-related products such as red ginseng (20.6%). The sales proportion of Korean beef also stands at 22.6%, outpacing health products (17.9%) by more than 4 percentage points.

Especially these days, when going out is difficult due to staying at home, products collaborated with famous restaurants are gaining attention. Since last Lunar New Year, Shinsegae has introduced collaboration products with renowned restaurants famous for Korean beef tenderloin, such as Apgujeong’s 'Utender' and 'Seolroin', and Cheongdam-dong’s 'Uga', which have also been featured on popular TV programs.

These products offer the advantage of easily enjoying signature dishes from famous restaurants at home, and are conveniently portioned in small packs of 180g to 200g, making them easy to cook for a single meal. Last Lunar New Year, the prepared stock sold out early, so this Chuseok, the quantity was increased by about 30%. The Motungiwoo Omakase Set (550,000 KRW), Utender Signature Set (550,000 KRW), and Seolroin Premium Set (520,000 KRW) sold out within eight days of release, prompting additional production.

Wine is also enjoying a ripple effect. From August 24 to September 21, wine sales increased by 89.3%. Particularly, value-for-money wines priced under 100,000 KRW, which pair well with Korean beef, account for over 90% of total sales. The 'Bellevue Pavero Claire Mlen Set (100,000 KRW)', introduced for the first time this Chuseok as a French value wine, sold out last weekend. The American 'Red Wine Longban Set (60,000 KRW)', known for its value, also made its debut this Chuseok.

Choi Won-jun, head of food at Shinsegae Department Store, said, "Due to customers’ demand to safely spend the holidays at home, famous restaurant Korean beef and value-for-money wines are gaining popularity," adding, "We will continue to actively introduce customized products that align with customer consumption trends."

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