With the Lunar New Year holiday coming up in three weeks, retailers are releasing gift sets, and gift prices are also showing polarization. Department stores introduced a strategy of focusing on premium products priced over 200,000 won, while hypermarkets focused on cost-effective products priced under 100,000 won.
According to Shinsegae Department Store and Hyundai Department Store on the 5th, the volume of this year’s Lunar New Year gift sets less than 100,000 won decreased by 5% compared to last year’s Lunar New Year, while gifts priced in the 100,000 and 200,000 won range increased by 15% and 20%, respectively. Galleria Department Store increased the number of products worth more than 1 million won and reduced the number of gifts less than 100,000 won. The explanation is that as prices rise overall, the price of raw materials for gift sets has increased, and consumer preference for mid-priced gifts has decreased.
Unlike department stores, large supermarkets such as E-Mart, Home Plus, and Lotte Mart are introducing Lunar New Year gift sets focusing on low-priced, cost-effective products. At E-Mart, products priced under 50,000 won accounted for the highest proportion of the price range at 38.9%. This is a 4.7% increase compared to last year’s Lunar New Year. The proportion of products priced in the 100,000 won range (14.3%) and over 200,000 won (14.6%) decreased slightly compared to the previous Lunar New Year. Lotte Mart also accounts for 70% of products priced under 100,000 won. Lotte Mart introduced ‘Bibigo Native Seaweed No. 5’ and ‘Nepa Sports Socks Gift Set (3 pairs)’, which are cost-effective gift sets under 10,000 won, for 9,900 won each.
Reporter Jeong Seo-young [email protected]
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