Gift Sets Under 50,000 Won About 70%
Non-Face-to-Face Services Like 'Kakao Gift' Also Active
This Lunar New Year, 'cost-effective' gift sets and 'contactless' delivery have emerged as popular choices. This trend is attributed to tightened budgets due to high inflation and interest rates, as well as the continued influence of contactless culture stemming from COVID-19.
On the 21st, Wemakeprice analyzed sales data from the '2023 Seol Surprise' event held from the 1st to the 13th of this month. It revealed that cost-effective gifts priced between 10,000 KRW and under 50,000 KRW accounted for 69% of total sales. Additionally, sales of premium gifts priced over 100,000 KRW increased by 29% compared to last year's Lunar New Year event.
The popularity of cost-effective gift sets is linked to the ongoing '3 highs' (high inflation, high interest rates, and high exchange rates) since last year. According to the '2022 Annual Consumer Price Trends' released by Statistics Korea on the 30th of last month, this year's consumer price index reached 107.71 (2020=100), marking a 5.1% increase from last year. This is the largest rise in 24 years since the 7.5% increase during the 1998 financial crisis. The rise in international raw material prices and increased demand due to the Ukraine war have contributed to this situation.
In response, more people have been seeking more affordable gift sets, especially at large supermarkets. When Lotte Mart offered its 'Hanwoo Beef Set' at 99,000 KRW, 10% cheaper than last year's Lunar New Year price, sales of this product reportedly increased by 30% compared to last year. Other large supermarkets have also focused on products such as fruit and seaweed sets priced under 50,000 KRW to attract consumers.
The contactless culture, which has become part of daily life due to COVID-19, has also changed the holiday landscape. Instead of meeting in person to deliver gifts as before, more consumers are using contactless services like 'Kakao Gift'.
In anticipation of the Lunar New Year, KGC Ginseng Corporation launched exclusive gift sets for Kakao Gift. KGC Ginseng Corporation's sales through the Kakao Gift service reportedly grew by 77% compared to the previous year. Additionally, ahead of the holiday, they started a 'same-day order and same-day delivery' service for purchasing Jeong Kwan Jang products. This service allows customers to receive gifts from the nearest store immediately after payment, even after regular courier cut-off times.
Style commerce platform Ably also launched the 'Ably Gift' service within its mobile app ahead of the Lunar New Year. This service allows users to easily send any product available on the Ably app as a gift via mobile. By pressing the 'Gift' button at the bottom of the product detail page and entering the recipient's name and phone number, users can conveniently send gifts without knowing the recipient's address.
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