'High Inflation and Economic Recession' Mid-Range Chuseok Gifts... Prices Vary Greatly by Retailer

Some Products Have Increased Prices Compared to Last Seollal
Price Differences Among Distributors Even for the Same Products

Due to high inflation and an economic downturn, the proportion of mid- to low-priced Chuseok gift sets sold at large discount stores and department stores this year has significantly increased. Some gift sets have seen price increases, and price differences were found among retailers even for the same products.

The Korea Consumer Agency announced on the 3rd that a survey of prices for 895 Chuseok gift sets sold at three major discount stores (Emart, Lotte Mart, Homeplus) and three department stores (Lotte Department Store, Shinsegae Department Store, Hyundai Department Store) showed that products priced between 10,000 and 40,000 KRW accounted for 54.3% (486 items). This represents a 7.5% increase compared to last Lunar New Year, with a particularly notable 10.5% rise at discount stores.

On the other hand, the number of products priced over 100,000 KRW was 22.3% (200 items), a 39.2% decrease compared to last Lunar New Year. By retailer, discount stores saw a 52% decrease, and department stores saw a 38.2% decrease.

Although the share of mid- to low-priced gift sets increased, some gift sets experienced price hikes. Among 283 gift sets with the same product composition as last Lunar New Year, 32 sets (11.3%) showed price increases. By category, canned goods rose by up to 12.9%, daily necessities by up to 32.9%, health functional foods by up to 57.5%, gim (seaweed) by up to 56.3%, and alcoholic beverages (whiskey) by up to 23.1%.

There were also four gift sets with the same product composition but reduced quantities. Additionally, three gift sets with similar compositions showed both price increases and reduced quantities.

Price differences were also observed among retailers for the same products. Among 24 identical products sold at discount stores and department stores, 22 items (91.7%) were 20-30% cheaper at discount stores than at department stores.

Furthermore, among identical products sold at the three major discount stores, 11 items (8 canned goods, 3 health functional foods) showed different prices before and after discounts depending on the store. For canned gift sets, the pre-discount price difference was as much as 21,400 KRW, and even after discounts, some products had price differences up to 11,570 KRW. For health functional foods, the pre-discount price difference was up to 13,000 KRW.

Price differences were also confirmed among the three department stores for health functional foods and alcoholic beverages (whiskey). Three health functional food items showed price differences of up to 15,000 KRW between department stores, and some alcoholic beverages had differences as high as 56,000 KRW.

The Consumer Agency plans to recommend that each retailer provide accurate information about the components of holiday gift sets. A representative from the agency urged, "When purchasing holiday gift sets, consumers should carefully compare discount information and product components before buying."

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