Sold Cheaper Than Market Price
Convert Unwanted Items to Cash
Presidential Gift Sets Also Traded at a Premium
A supermarket employee is introducing a fruit gift set at a large supermarket in Seoul last August. [Image source=Yonhap News]
[Asia Economy Intern Reporter Kim Gun-chan] This Chuseok holiday, the practice of reselling Chuseok gift sets such as Spam, received from companies, at discounted prices online through 'used gift set trading' is recurring.
According to the industry on the 9th, ahead of Chuseok, many Chuseok gift sets including Spam and fruits have been listed on secondhand trading platforms such as Danggeun Market and Junggonara.
Searching for 'Chuseok gift' on Danggeun Market and Junggonara reveals various listings including tuna, olive oil, and daily necessities. Most are being sold at prices about 10-50% cheaper than market prices. Posts like "Selling Spam set cheaper than the lowest online price at 20,000 won" and "Selling a 130,000 won honey set for 80,000 won" are easily found.
The representative product mainly traded is the Spam gift set. The Spam Canola Oil set, priced at 45,000 won, is being traded in the 30,000 won range. Unopened Spam sets are also traded on average for 20,000 to 30,000 won depending on size and quantity.
Fruit gift sets are also actively traded. Seller A on Danggeun Market is selling a mixed pear and apple fruit set for around 40,000 won. A explained, "I received Chuseok gifts from a client company, but since I live alone, I think it will be difficult to eat everything, so I am putting it up for sale," adding, "The fruit condition is really good. It is an unopened product." Besides this, fruit gift sets are traded on average in the 40,000 to 50,000 won range depending on the composition. According to Danggeun Market, during last year’s Chuseok holiday period (September 19-22), gift sets ranked 3rd and Spam ranked 4th in search terms.
Spam gift sets are being traded at prices lower than the market price on secondhand trading platforms. Photo by Junggonara capture
Since most products are sold cheaper than the lowest online prices, transactions are also happening quickly. Those selling Chuseok gift sets on secondhand trading platforms say the advantage is that they can convert items they do not immediately need into cash. Kim, a worker in his 20s who sold a Spam gift set received from his company through Danggeun Market, said, "Since I live alone, I thought I wouldn’t be able to eat all of the Spam set," adding, "It’s more beneficial to sell things I don’t need right away through secondhand trading."
On the other hand, buyers of Chuseok gift sets respond that it is an opportunity to buy a large quantity at a cheaper price than usual. B, a worker in his 20s who recently purchased a Spam Canola Oil set through Danggeun Market, said, "Even if I don’t need it immediately, Spam or canola oil are things I will have to buy later when they run out," adding, "I’m satisfied to be able to buy them cheaply in advance this time."
Especially this year, with the high inflation situation overlapping, secondhand trading of Chuseok gift sets is being used as a reasonable means. According to Statistics Korea, the consumer price inflation rate in August was 5.7%, showing a slowdown compared to the 6% range in June and July. However, dining-out prices continue to soar. Dining-out prices rose 8.8%, marking the highest level in 30 years since October 1992.
President Yoon Suk-yeol's Chuseok gift sets are being resold on the secondhand market at a premium. Photo by Used Goods Trading Platform Capture
However, items such as red ginseng and vitamins, which are prohibited from online trading, are also being traded secondhand. Health functional foods can only be sold if the seller has registered a sales business according to the 'Health Functional Foods Act.'
Meanwhile, it has been revealed that President Yoon Seok-yeol’s Chuseok gift sets are also being traded secondhand with premiums. On the 5th, many posts appeared on Danggeun Market selling President Yoon’s Chuseok gift sets. One seller posted a photo of the gift set saying, "I was going to use it myself, but since it’s not my favorite food, I hope someone who needs it will take it." The transaction prices range from 190,000 to 300,000 won. President Yoon sent gift sets to about 13,000 people including space industry personnel who contributed to the Nuriho launch, elders from various fields, national heroes, and socially disadvantaged groups.
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