Selling Sets Up to 300,000 Won on Secondhand Trading Sites
'Last Gift Set' Scarcity Stimulates Consumer Sentiment
Frugal Shoppers Also Search Sites to Buy Affordable Seol Gift Sets
[Asia Economy Reporter Jeon Jinyoung] "Selling President Moon Jae-in's last Lunar New Year gift set. The packaging hasn't even been opened." After the holiday, President Moon's final Lunar New Year gift sets are being traded at high prices on secondhand trading sites. President Moon and his wife sent gifts to 15,000 people this Lunar New Year, including national merit recipients, socially disadvantaged groups, and COVID-19 medical staff. The sets included local specialties such as Munbaeju (traditional Korean liquor), honey, plum extract from Gwangyang, Jeonnam, Omija syrup from Mungyeong, Gyeongbuk, and chestnuts from Buyeo, Chungnam.
On the 4th, sellers on the online secondhand trading site Bungaejangter listed President Moon's Lunar New Year gift sets for 250,000 to 300,000 KRW. Even empty gift boxes were traded for 60,000 KRW. On Danggeun Market, they were being sold for 150,000 to 160,000 KRW. According to the Kim Young-ran Act, the price of these gift sets is estimated to be around 100,000 KRW. This means they are being bought and sold at nearly two to three times the original price. Considering that presidential watches and inauguration stamps are still traded at high prices, the rarity of the 'last gift set' seems to have stimulated consumer sentiment.
A post selling President Moon Jae-in's Lunar New Year gift for 280,000 won on an online secondhand trading site.
Excluding presidential gift sets, secondhand trading sites usually bustle with bargain hunters looking to buy gift sets at low prices after the holidays. Cha Yeonsu (29), an office worker, purchased a 'CJ Spam No. 6 Gift Set' containing 12 cans of Spam for 26,000 KRW on Danggeun Market after the Lunar New Year holiday. The set typically sells for 35,200 KRW. Cha said, "The period right after the holiday when gift sets are sold cheaply is like a goldmine for people living alone," adding, "I often take advantage of this time to buy daily necessities at a low price."
On that day, there were about 140 posts selling Lunar New Year secondhand goods in the Seoul area on Danggeun Market. The 'CJ Special Choice No. N Lunar New Year Gift Set' (originally 28,500 KRW) was traded for 23,000 KRW, and the 'Dongwon Healthy No. 9' set containing tuna and Spam (originally 52,800 KRW) sold for 32,000 KRW. The seller introduced the product, saying, "I don't like tuna and Spam, so I'm selling it just as I received it," and added, "The case is intact, so it can be given as a gift to someone else." Premium lines are also popular. The 'Myeongin Myeongchon' gift set from Hyundai Department Store, priced at 100,000 KRW, was listed for half price at 49,900 KRW.
As the spread of COVID-19 increased the number of gifticon Lunar New Year gifts, reselling gifticons also became popular. Bakery and dining vouchers were the main items. On the gifticon trading site 'Palrago,' an SPC product exchange voucher worth 10,000 KRW was sold for 8,000 KRW, and a Phase Gift dining voucher was traded at 43,300 KRW, a 13% discount from the original price of 50,000 KRW. Office worker Lee Dongyoung (31) said, "Instead of just extending the expiration date of unused gifticons, it's better to resell them and make money," adding, "I really enjoy saving money through app tech (app + finance)." Lee added, "I've already saved 30,000 KRW from selling gifticons this holiday and plan to convert it into cash for use."
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