From Jewelry to Refrigerators as Gifts... W Concept Announces Non-Face-to-Face 'Gift Giving' Trend

[Asia Economy Reporter Seungjin Lee] W Concept has announced the trend of contactless 'gift-giving' services and is conducting a sales event for recommended gifts for the Lunar New Year.

Unlike last year, when lighter gifts were preferred, in 2021, it was found that people preferred 'high-priced' gifts when giving to the opposite sex. Preferred products varied by generation according to their interests, showing a trend of diversification from clothing and jewelry to digital electronics and kitchenware.

According to W Concept on the 16th, the number of customers using the gift-giving service has steadily increased more than twofold each year. The 2021 gift-giving service sales data showed that the number of users tripled compared to the previous year, with the number of purchases and transaction amounts increasing by 138% and over 110%, respectively.

Analysis by gender revealed that the average price per gift was higher when giving to the opposite sex than to the same sex. Women mainly gave jewelry or bags under 100,000 KRW to the same sex, while they gave clothing, shoes, or digital devices over 100,000 KRW to the opposite sex. For men, the difference was even greater: they gave hats or wireless chargers around 50,000 KRW to the same sex, but gave bags or cosmetics around 200,000 KRW to the opposite sex.

By age group, those in their 20s and 30s preferred gifts such as clothing or jewelry like earrings, while those in their 40s and 50s, leveraging their economic power, preferred digital electronics, kitchenware, or home decor items.

By price range, products priced between 10,000 and 100,000 KRW, which are affordable gifts, accounted for more than 70% of all customers. Customers purchasing high-priced products over 200,000 KRW more than doubled compared to the previous year, with items diversifying from clothing and bags to film cameras and beauty devices. Notably, while the most expensive gift in 2020 was a women's bag priced in the 1,000,000 KRW range, in 2021 it was a refrigerator priced in the 2,000,000 KRW range.

Meanwhile, the items with the highest transaction volume in W Concept's gift-giving service were 'jewelry' such as earrings and necklaces, followed by 'bags,' 'clothing,' and 'loungewear.' The 'beauty category' showed the highest growth rate, increasing by 184% compared to the same period last year. Beauty devices priced between 100,000 and 200,000 KRW and body & hair care products priced around 50,000 KRW increased by 166% and 167%, respectively, which is attributed to the expansion of remote work due to the prolonged COVID-19 pandemic.

Additionally, 'loungewear,' comfortable clothing to wear at home, also showed a high growth rate of 144%. The increase in purchases of beauty devices priced between 100,000 and 200,000 KRW and body & hair care products around 50,000 KRW, by 166% and 167% respectively, is analyzed as a result of the prolonged COVID-19 pandemic, the expansion of remote work, and growing interest in home care.

Through this data analysis, W Concept confirmed the demand for gifts in fashion and beauty products and plans to actively capture the gift demand starting from the holiday season, when gift-giving sales surge.

W Concept is holding the 'Happy New Year 2022 Gift' exhibition until the 24th, where popular products from the fashion, beauty, and lifestyle categories can be found all in one place.

Kim Minsu, Team Leader of W Concept Woman2 Team, said, "W Concept pioneered the gift-giving service in July 2017, inspired by customers gifting fashion and beauty products in the form of gifticons. We will continue to implement various strategies to satisfy consumer needs and expand the purchasing experience beyond the gift-giving service."

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