High Inflation Makes 'Seol Gift Sets' Burdensome...Significantly Higher Than a Year Ago

Most Seol Gift Sets Increased Compared to Last Year
Due to Rising Costs of Raw Materials, Components, and Logistics Fees

Last year, the consumer price inflation rate reached its highest level in 24 years since the foreign exchange crisis, and amid the ongoing high inflation situation, the prices of Lunar New Year gift sets this year have mostly increased compared to last year, which is expected to further burden consumers' shopping expenses.

According to the distribution industry on the 3rd, based on sales at the large supermarket Homeplus, KGC Ginseng Corporation's ‘Jeonggwanjang Hong Sam Jeong Everytime Balance (10mL×20 packs)’ rose by 14,400 won to 56,000 won from 41,600 won last Lunar New Year. ‘Jeonggwanjang Hong Sam Jinbon (40mL×20 packs)’ increased from 36,800 won to 44,100 won. During the same period, CJ’s ‘Hanppuri Hong Sam Daebo Set (40mL×24 packs)’ also rose by 5,000 won from 39,800 won to 44,800 won.

The prices of representative holiday gift sets such as tuna and cooking oil also increased. Dongwon F&B’s ‘Dongwon Tuna Richam 100 Set,’ consisting of tuna and Richam, rose by 10,000 won from 39,970 won last Lunar New Year to 49,980 won this year. The ‘Dongwon Special 6 Set,’ which includes tuna, Richam, and healthy cooking oil, increased from 25,830 won to 29,960 won, and the ‘Dongwon Healthy 64-R Set,’ which includes spicy tuna, rose from 30,960 won to 37,920 won. Cooking oil sets also saw price hikes: the ‘Dongwon Grape Seed Oil Mix 23 Set,’ composed of canola oil and grape seed oil, increased by 4,000 won from 10,900 won to 14,900 won, and CJ’s ‘Baeksul Premium HP Set,’ which includes cooking oligosaccharides, rose by more than 3,000 won from 10,000 won last year to 13,520 won this year.

Comprehensive sets containing Spam, cooking oil, sesame oil, and sea salt are no exception. The ‘CJ Special Choice N Set,’ consisting of canola oil, sesame oil, and Spam, increased from 35,640 won to 39,830 won, the ‘CJ Special Choice H-1 Set’ rose from 32,130 won to 38,430 won, and the ‘CJ Special Choice H-3 Set’ went up by 5,000 won from 34,930 won to 39,830 won.

Coffee products, which are relatively popular with fewer dislikes, also saw slight price increases compared to last year. Dongseo Food’s ‘Maxim Coffee Set 93,’ consisting of Mocha Gold Mild and others, rose from 15,050 won to 16,170 won, and the ‘Kanu Blend Coffee Set 7-2’ also increased from 14,350 won to 15,400 won.

Relatively affordable items like seaweed have also joined the price hike trend. ‘Dongwon Yangban Seaweed 10 Set’ rose from 14,900 won last Lunar New Year to 16,900 won this year, and during the same period, ‘CJ Bibigo Native Seaweed 35 Set’ increased from 29,900 won to 32,900 won. Additionally, LG Household & Health Care’s ‘Life’s Impression Shampoo & Body Set’ rose from 29,900 won to 31,900 won.

An industry insider explained, “Most costs, including raw materials and logistics, are rising, and not only the product prices but also the prices of eco-friendly packaging materials and operating expenses, which are increasingly emphasized, cannot be ignored. Even if margins are slightly reduced, price increases for gift sets are inevitable.”

Meanwhile, as utility bills, food, and dining expenses continue to rise one after another, consumers’ perceived inflation situation is steadily worsening. According to Statistics Korea, last year’s consumer price index was 107.71, up 5.1% from the previous year. This is the highest level in 24 years since the 1998 foreign exchange crisis (7.5%). By item, processed foods increased by 7.8%, and agricultural, livestock, and fishery products rose by 3.8%.