Lunar New Year Gift Price Limit Raised to 200,000 Won... High-End Sets Soar

A customer is looking at Seol gift sets at Lotte Department Store.

The value range for holiday gifts has been raised from 100,000 won to 200,000 won, and with the increase in demand for premium gifts due to non-face-to-face interactions, high-priced gift sets are gaining popularity.

◇Gift sales from 100,000 to 200,000 won up 50%

According to Lotte Mart on the 13th, during the pre-order period for Lunar New Year gift sets from December 9 last year to the 11th of this month, sales of gift sets priced between 100,000 won and less than 200,000 won increased by 49.7% compared to the same period last year. This figure far exceeds the overall gift set sales growth rate of 12.6% during the same period. After the increase in the gift value range under the Improper Solicitation and Graft Act, Lotte Mart prepared about 20% more gift set items in the 100,000 to 200,000 won range compared to last Lunar New Year. The quantity of products in this price range was also expanded by about 10%.

Emart also saw a 45.8% increase in sales of products priced between 100,000 won and less than 200,000 won during the pre-order period for Lunar New Year gift sets from December 16 last year to the 10th of this month. Sales of products priced over 200,000 won also increased by 12.6%, surpassing the overall sales growth rate of 10.5% during the same period. Among products, refrigerated Korean beef (15.6%) and Korean beef ribs (9.9%) gift sets were the most popular.

◇3 million won Korean beef gift sets also popular

Ultra-high-priced gift sets reaching 3 million won are also being introduced mainly at department stores. Lotte Department Store prepared the ‘Lotte L-Number Nine Prestige Set,’ the highest-priced Korean beef set in Korea, priced at around 3 million won. It is composed only of the finest cuts, including rare parts produced in very limited quantities. Since COVID-19, sales of high-priced meat gift sets have grown by an average of 20% over three holidays at Lotte Department Store. Shinsegae Department Store also increased the quantity of premium products, including Korean beef, by 20% compared to last Lunar New Year. Hyundai Department Store prepared a record-high quantity of about 73,000 Korean beef gift sets, including the 2.5 million won ‘Hyundai Premium Korean Beef Number Nine Set.’

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