As Prices Rise for Hanwoo, Fruits, and Gulbi
Whiskey and Cosmetic Sets Become the Trend
[Asia Economy Reporter Lim Chun-han] # Mr. A went to buy a Hanwoo (Korean beef) gift set for his parents this Chuseok but ended up adding wine to his shopping cart after much deliberation. The price of Hanwoo has been soaring daily, causing the price of Chuseok gift sets to rise significantly. He sighed, saying, "There are Hanwoo gift sets worth millions of won, but even the regular gift sets have become so expensive that they are burdensome. I want to give a good gift, but I chose one that fits my budget."
As prices of agricultural, livestock, and marine products surge ahead of Chuseok, traditional gift trends are changing. While Hanwoo and fruit gift sets used to dominate, recently, various gift sets such as whiskey, wine, cosmetics, and hygiene products have gained popularity. With social distancing measures making it difficult for families to gather, more people are looking for gifts that can replace food items.
◆ Popularity of Alcoholic Beverages Amid Hanwoo and Fruit Price Surge = According to Lotte Mart on the 2nd, sales of alcoholic beverage gift sets during the pre-order period for this year’s Chuseok gift sets increased by 190.6% compared to the previous year. Specifically, whiskey and wine gift sets rose by 157.6% and 210.6%, respectively. For wine, sales of gift sets priced between 50,000 and 100,000 won increased by 209.8%. This is due to growing demand for cost-effective and unique gift sets. The spread of the solo drinking trend amid the COVID-19 pandemic is also considered a contributing factor.
Hyundai Department Store has also significantly expanded its wine gift sets. During the main sales period from the 3rd to the 20th, it will offer about 140 types of wine gift sets, twice as many as last year. The proportion of gift sets priced between 50,000 and 150,000 won, which are in high demand for gifts, has been increased more than threefold. They also introduced special packages in limited quantities in collaboration with famous wineries. Galleria Department Store increased the number of wine gift set items by 25% compared to last Chuseok, offering a variety of products ranging from cost-effective to premium sets.
◆ Cosmetics Differentiated with Unique Gift Sets = Lotte On has put cosmetics gift sets at the forefront ahead of Chuseok. Lotte On is running a special ‘On-Off Special Companion’ event with Amorepacific until the 12th. During this event, customers can purchase popular Amorepacific brand products such as Sulwhasoo and Hera with the best benefits of the year. Since cosmetics customers prefer to see products in person before buying, the event is also held simultaneously at all Lotte Department Store branches until the 5th.
Convenience stores have introduced Chuseok gift sets targeting the MZ generation (Millennials + Generation Z). Emart24 has differentiated itself from traditional holiday gift sets by offering items such as Hongdudang bread gift sets, cocktail liqueur sets, and Lucifero toothpaste sets. An Emart24 representative said, "As the main customers using convenience stores are in their 20s to 40s, we have tailored products accordingly, bringing a wave of change to convenience store holiday gift sets. We expect positive responses from customers as we have prepared various gift sets that appeal to younger generations and are different from the usual."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
