"Gift Value Also Increased Due to Prolonged COVID-19... Department Store Lunar New Year Sales Hit Record High"

Popular Meat and Seafood in the 100,000 to 200,000 KRW Range

[Asia Economy Reporter Jo In-kyung] As the COVID-19 pandemic prolongs and social distancing measures are strengthened, many people who cannot visit their hometowns are instead sending their feelings through gifts, leading to record-breaking sales of holiday gift sets at department stores. The temporary increase in the allowable value of agricultural, livestock, and marine products that can be gifted during holidays under the Improper Solicitation and Graft Act has also boosted sales of high-priced gift sets in the 100,000 to 200,000 KRW range.

According to Lotte Department Store on the 16th, sales of gift sets from December 17 last month to the 12th of this month increased by 30% compared to the same period during last year’s Lunar New Year (December 28, 2020 to January 23, 2021). During the pre-order sales period until the 1st of this month, sales rose by 60% compared to last Lunar New Year, with particularly strong responses for meat (55.1%), seafood (78%), and alcoholic beverage (108%) gift sets.

At Hyundai Department Store, sales of Lunar New Year gift sets from the 24th of last month to the 12th of this month increased by 58.6% compared to the same period last year (January 4?23, 2021). Gift set sales had already reached record highs during last year’s Lunar New Year and Chuseok holidays, and sales are rising even further ahead of this year’s Lunar New Year.

The average spending per gift set purchase increased by 15.9% compared to last Lunar New Year. Especially notable were the sales increases in meat (64.6%), fish (96.7%), and fresh fruit (291.4%) gift sets due to the adjustments in the Improper Solicitation and Graft Act.

Not only individual customers but also corporate clients have boosted gift sales, with the average spending per corporate customer rising 19% and sales increasing by 167.7% compared to last Lunar New Year.

Shinsegae Department Store showed a similar trend, with pre-order sales from the 24th of last month to the 12th of this month growing by 9.1% compared to last Lunar New Year. Compared to the 2020 Lunar New Year, when there was no COVID-19 impact, sales increased by 78%.

With the prolonged pandemic raising interest in immunity and the popularity of home drinking, alcoholic beverages (35.8%) and health and tea-related products (42.3%) sold well. Due to the increased allowable value for agricultural, livestock, and marine product gifts, gift sets priced between 100,000 and 200,000 KRW sold 28% more than last year.

A department store industry official said, "This Lunar New Year, many customers are giving up returning home due to social distancing, making gifts relatively more important, which has led to record-high gift set sales. We expect strong sales to continue through the main sales period leading up to the holiday, which is just two weeks away."

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