[The Editors' Verdict] The Economics of Gifts: Value for Money vs. Premium Choices

Food in the 1950s, Manufactured Goods in the 1970s
Health Supplements in the 2000s, Practical Sets This Year
Holiday Gifts Reflect the Trends and Culture of Their Times

Kwangho Lee, Head of Distribution Economy Department

The nation's biggest traditional holiday, Chuseok, is fast approaching. One common concern around this time is choosing holiday gifts. Holiday gifts serve as a mirror reflecting social changes such as economic levels and consumer consciousness. The 1950s, marked by the Japanese colonial period and the Korean War, was an era where survival was the top priority. As the term "boritgogae" (the barley hump) suggests, the majority of people lived in poverty. Accordingly, food items like flour, rice, eggs, and sesame oil, which could satisfy hunger, were exchanged as gifts.

In the 1960s, with the start of economic development, sugar and seasonings became popular holiday gifts, with sugar being especially prized. The 1970s saw the onset of full-scale industrialization, and as hunger was alleviated, holiday gifts began to shift away from food items. Manufactured goods such as cosmetics and stocking sets, thermal underwear, and dress shirts gained popularity. Children eagerly awaited gift sets of snacks. Products like coffee and cola, which were rarely accessible at the time, also attracted attention. Being able to drink coffee at home, which was previously only available at cafes, was a significant change and held a value incomparable to today's affluent lifestyle.

The 1980s, influenced by economic growth and rising income levels, saw holiday gifts become more luxurious. Gift sets featuring premium ingredients like Korean beef (Hanwoo), ribs, and dried yellow corvina appeared, and canned tuna gift sets were introduced for the first time during this period. The 1990s were marked by a polarization in holiday gifts. In the early to mid-1990s, during an economic boom, high-priced gifts such as liquors over 1 million won, wild pine mushrooms, and golf clubs were popular. Gift certificates were widely issued, creating a new culture of holiday gifts. However, in the late 1990s, the Asian financial crisis led to a sharp economic downturn, and inexpensive gifts like soap sets became the norm.

In the 2000s, the well-being trend promoting better health and living standards made health functional foods like red ginseng popular. The 2010s saw great interest in gifts such as wine, eco-friendly, and organic products. In 2016, with the enforcement of the Improper Solicitation and Graft Act (commonly known as the Kim Young-ran Act), practical gift sets priced under 50,000 won dominated various shelves. The 2020s, influenced by the COVID-19 pandemic and the rise of non-face-to-face activities, brought about a variety of holiday gift sets tailored to consumer preferences.

For the 2023 Chuseok, practical gift sets are expected to be emphasized due to inflation arising during the COVID-19 recovery process. However, reflecting income polarization in modern society, premium gifts are also anticipated to remain strong. The Anti-Corruption and Civil Rights Commission has raised the gift value limit for agricultural and marine products and processed goods during Lunar New Year and Chuseok from 200,000 won to 300,000 won.

Holiday gifts well reflect the trends and culture of their times. While it may be challenging to decide what to gift relatives or acquaintances to express gratitude, the core across all eras is the "heart of appreciation." It is important to remember that the essence of Chuseok lies in the sincere care expressed by sharing precious foods like eggs or meat, even during less abundant times.

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