"This Year Again, Premium is the Trend"... Shinsegae Department Store's Lunar New Year Gift Set Sales Up 30.4%

On the 25th, models are introducing Lunar New Year gift set products at the Shinsegae Department Store main branch in Jung-gu, Seoul.

[Asia Economy Reporter Lim Chun-han] This Lunar New Year holiday, premium gift sets such as ultra-high-end wine, Korean beef (Hanwoo), and seafood are gaining great popularity.

According to Shinsegae Department Store on the 25th, sales of Lunar New Year gift sets from January 24 to February 23 increased by 30.4% compared to the previous year. By category, the sales growth rates were alcohol (65.9%), agricultural products (19.2%), livestock products (19.1%), seafood (13.5%), and health products (5.1%).

The growth of premium high-priced gift sets was particularly notable. Shinsegae Department Store’s representative premium gift brand, 5Star, saw sales increase by 45.8% compared to last Lunar New Year, driving overall sales growth. Among 1++ grade Hanwoo, the Shinsegae 5Star luxury Hanwoo The No. 9 and the luxury Hanwoo special Lunar New Year gift sets, composed only of the highest-grade Hanwoo, were prepared in limited quantities as ultra-high-end products. Despite this, most of the prepared stock was sold early on, and a complete sell-out is expected.

Among agricultural products, premium sets priced over 150,000 KRW showed nearly 90% growth. Livestock sales including Hanwoo sets also grew by nearly 20% this year. Premium Hanwoo set sales rose 31.7% compared to last year, and collaboration sets with famous Hanwoo restaurants increased by 84%. Seafood gift sets priced around 500,000 KRW, such as dried yellow corvina (chamgulbi) and large cutlassfish (wanggalchi), sold more than twice as much, receiving positive responses. Seafood premium gift sets increased by 65% compared to last year, and ultra-high-end products priced over 1,000,000 KRW also grew by nearly 20%.

With the government temporarily raising the allowable gift price for agricultural and marine products to 200,000 KRW for Lunar New Year, sales of gift sets priced between 100,000 KRW and 200,000 KRW increased by 33.7%. In particular, sales of agricultural products with a high composition of 100,000 KRW gift sets increased, doubling sales of 100,000 KRW fruit gift sets compared to last year. Livestock and seafood products, which generally have higher unit prices, also showed higher sales demand for 100,000 KRW products by 25% and 40%, respectively, compared to the previous year. Dried yellow corvina and silver cutlassfish sets priced between 150,000 KRW and 200,000 KRW also sold twice as much as last year. Traditional seasoned Hanwoo bulgogi and Hanwoo Fresh Happiness, which have been popular as 100,000 KRW gift sets, saw sales increase by more than 50% compared to last year.

With the spread of ‘home drinking’ and ‘solo drinking’ trends, sales of alcohol gift sets increased by 65.9%. Among the alcohol sales growth, products priced under 100,000 KRW rose by 30% compared to last year, while high-end products priced over 100,000 KRW surged by 183%. Some traditional liquors with recent buzz, such as Ilyeop Pyeonju and Kisoju, sold out early. Demand for premium champagne and wine was also high. In fact, premium themed wines like Screaming Eagle and Harlan Estate sold out completely as limited products, and the highest-priced gift set introduced this Lunar New Year, ‘Olivier Bernstein 2018 Grand Cru,’ is also nearing a complete sell-out.

A Shinsegae Department Store official said, “Due to the non-face-to-face Lunar New Year trend, more customers are sending their hearts through gifts instead of visiting their hometowns,” adding, “We will expand a variety of high-quality products and quantities that meet the changed holiday customer demand to secure the Lunar New Year gift market.”