"Chuseok Gifts Also 'GoGoIkSeon'... 'Spending Over 1 Million Won' Doubled"

PMI National Public Opinion Survey

High Cost Expected 25.6%... 11.8%p Increase Compared to Seol
Less Than 100,000 Won Nearly Halved
"Polarization of Consumption Due to High Inflation and High Interest Rates"

About one in four consumers planning to purchase Chuseok gifts this year expect to spend more than 1 million KRW. This demand for high-cost gifts has roughly doubled compared to last Lunar New Year. It is interpreted as a result of the combined effect of rising prices and a preference for premium products.

Chuseok reservation products are displayed at Yangjae Lotte Mart in Seoul. Photo by Jo Yongjun jun21@

According to a nationwide public opinion survey on 'Chuseok gifts' conducted and released on the 23rd by data consulting firm PMI, targeting 3,000 men and women aged 20 to 69, 25.6% of respondents expected to spend a total of more than 1 million KRW on Chuseok gifts. This is an increase of 11.8 percentage points from 13.8% during last Lunar New Year.

Specifically, 10.4% expected to spend between 1 million and 1.49 million KRW, 6.3% between 1.5 million and 1.99 million KRW, and 5.5% between 2 million and 2.49 million KRW. The proportion of respondents in each range increased compared to last Lunar New Year. Only 0.8% expected to spend more than 3 million KRW, slightly down from 1.4% during the Lunar New Year.

The most commonly expected Chuseok gift purchase cost among respondents was between 100,000 and 290,000 KRW, accounting for 26.2%. The 300,000 to 490,000 KRW range was 20.5%. These ranges showed slight decreases or increases compared to last Lunar New Year. On the other hand, the relatively low spending category of less than 100,000 KRW dropped by nearly half, from 24.5% last Lunar New Year to 13.9%.

'Expected Expenditure on Chuseok Gifts' National Public Opinion Survey
Photo by PMI

A PMI official analyzed, "With the revision of the Kim Young-ran Act raising the gift price limit from 200,000 KRW to 300,000 KRW, sales of high-priced gift sets have been increasing." They added, "Due to high inflation and high interest rates, a polarization in consumer spending on Chuseok gifts was observed. Marts and department stores are strategically marketing by dividing products into practical items under 50,000 KRW and premium high-priced gift products."

In fact, another survey by the company showed that 87.2% of respondents felt that prices this Chuseok are higher than before. By age group, 80.9% of those in their 20s, 82.2% in their 30s, 85.7% in their 40s, 95.1% in their 50s, and 91.9% in their 60s evaluated that Chuseok prices have risen compared to before, indicating that the perception of price increases grows with age.

Meanwhile, the top Chuseok gift item to give to family or acquaintances was 'cash or gift certificates,' accounting for 35.6%. This was followed by 'fruit gift sets' (13.9%), 'health functional food gift sets' (11.7%), 'meat gift sets' (10.0%), and 'seafood gift sets' (5.1%). Additionally, with the transition to endemic (periodic outbreaks of infectious diseases) and the designation of October 2 as a temporary holiday creating a 'golden holiday,' half of the respondents said they would meet family or acquaintances in person to deliver gifts this Chuseok.