Ballan "Luxury consumers spend an average of 510,000 won on Valentine's Day gifts"

[Asia Economy Reporter Koo Eun-mo] It has been revealed that the average amount spent on Valentine's Day gifts on a luxury commerce platform is 510,000 KRW.

Luxury commerce platform Balan announced on the 14th that consumers spent an average of 510,000 KRW on gifts during the Valentine's Day period.

Analyzing data from Balan during the Valentine's Day period (February 1?13), purchases of products for the opposite sex accounted for 30% of total purchases. Notably, 60% of these buyers were in their 20s and 30s.

Additionally, the average purchase amount for opposite-sex products was 510,000 KRW, broken down by age group as follows: 630,000 KRW for those in their 40s, 540,000 KRW for those in their 30s, 410,000 KRW for those in their 20s, and 270,000 KRW for teenagers. Purchase amounts were highest on February 13, the day before Valentine's Day, followed by February 7, a week prior.

Preferred brands for Valentine's Day gifts were Bottega Veneta, Maison Margiela, and Stone Island for women, and Gucci, Saint Laurent, and Prada for men. By category, wallets, sneakers, bags, and clothing were the most purchased items for both men and women.

Purchases of opposite-sex products by Balan customers are actively occurring. Last year, such purchases accounted for 31% of total purchases, and among women, purchases of men's products steadily increased, surpassing 40% in the fourth quarter of last year.

Balan has determined that customers buying opposite-sex products have a high demand for a 'gift service,' and plans to introduce this service in the first half of this year. It will be linked with a same-day delivery system to provide customers with a luxury shopping experience at their desired time, as well as an environment to send gifts to acquaintances.

Accordingly, by strengthening the domestic logistics system, Balan will offer premium packaging services and continuously expand same-day delivery partner companies, aiming to increase the proportion of same-day delivery recipients in the Seoul area to 80% by the first quarter of this year.

Choi Hyung-rok, CEO of Balan, said, “Balan will continuously improve the entire luxury shopping experience based on data and customers, not just simple product sales. The gift service and same-day delivery are part of the process to enhance customer experience, and ultimately, we aim to build a luxury concierge service utilizing an omnichannel approach.”

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