'Kim Young-ran Act Eased' Premium Hanwoo and Other Expensive Gifts Sold at Department Stores

With the relaxation of the "Act on the Prohibition of Improper Solicitation and Graft" (Kim Young-ran Act), more customers are seeking Chuseok gift sets priced between 200,000 and 300,000 KRW. Accordingly, department stores are significantly expanding their high-end gift set offerings.

Hyundai Department Store employees are guiding customers on Chuseok gift sets.
[Photo by Hyundai Department Store]

According to Hyundai Department Store on the 3rd, sales from pre-orders of Chuseok gift sets from August 18 to 31 increased by 37.8% compared to the same period last year. By price range, sales of gift sets priced between 200,000 and 300,000 KRW saw the largest growth at 71.3%.

Among the 200,000 to 300,000 KRW gift sets, Korean beef (Hanwoo) gift sets recorded the highest sales growth rate. As of the 31st of last month, sales of high-end Hanwoo gift sets priced above 300,000 KRW jumped 183.2% compared to the same day before last year’s Chuseok.

Hyundai Department Store stated, “Buyers are visiting major production areas to secure inventory,” and added, “We plan to expand the quantity of key products such as Hanwoo by up to 30%.”

Lotte Department Store increased the quantity of premium gift sets by major category and differentiated products tailored to customer preferences.

Livestock products increased by about 70% compared to last year in the 200,000 to 300,000 KRW range, fruits and agricultural products by 25%, and seafood by 20%. For example, in livestock, they introduced the ‘Low Carbon Hanwoo Meat GIFT’ at 190,000 KRW and launched the ‘MD’s Cut Two-Ple Boiled Pork GIFT’ at 200,000 KRW for the first time this year.

Lotte Department Store employees are introducing Chuseok gift sets. [Photo by Lotte Department Store]

The department store industry expects an increase in consumer demand for conveniently sending gifts online instead of traveling. Accordingly, they are also focusing on strengthening online gifting features.

Shinsegae Department Store increased the number of gift sets offered through SSG.com Shinsegae Department Store Mall by about 80% compared to last Chuseok.

Hyundai Department Store increased the gift sets sold on its official online mall, The Hyundai.com, by about 20% compared to last Chuseok.

Lotte Department Store created a separate online-only product page in its holiday guidebook and expanded the proportion of orders placed online after viewing the physical product in offline stores to 70%.

Earlier, on the 21st of last month, the Anti-Corruption and Civil Rights Commission held a plenary meeting at the Government Sejong Complex and approved the amendment to the enforcement decree of the new "Act on the Prohibition of Improper Solicitation and Graft (Kim Young-ran Act)." According to the amendment, the gift price limit for agricultural, livestock, and seafood products during holidays was raised from the current 200,000 KRW to 300,000 KRW.

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