"Parents Ask for Cash"... Families Struggle Deeply Amid High Inflation in Family Month

Preparing Nephew's Toy and Parents' Day Gift Simultaneously
Family Finances Strained as May Celebrations Overlap

#Office worker Jeon So-jeong (30) has been tightening her belt in May as she prepares gifts for her nephew's toys and Parents' Day simultaneously. She reduced her daily snack expenses at convenience stores from 10,000 won to 5,000 won and decided to suspend her English conversation course this month. Still feeling the pinch, Jeon cut the Parents' Day allowance from 300,000 won to 150,000 won. She sighed, saying, "Since the allowance amount is quite small this year, I plan to give a scarf as a gift instead of cash."

#Park (35), a 10-year office worker, collects 500,000 won each with his older brother to give to their parents on Parents' Day. This year, his brother contacted him to transfer the allowance again, but with a series of events like weddings, Park faced a cash shortage. He asked for his brother's understanding and decided to give only 300,000 won this year.

Citizens visiting Namdaemun Market flower district in Seoul are selecting flowers such as carnations.
[Photo by Asia Economy DB]

As May, the 'Month of Family,' arrives, the financial worries of ordinary people with tight budgets are deepening. From dining out prices to carnation flower costs, soaring prices have made gifts during the family month an economic burden.

According to a survey conducted by Alba Heaven, a job and part-time portal, targeting 4,784 individual members aged from teens to over 50, 8 out of 10 respondents (81.3%) said they have plans to spend on commemorative occasions. Among them, 73.9% felt burdened by the expenses for gifts.

With consumer prices rising sharply this year, the burden on ordinary people has increased. According to Statistics Korea, the dining-out price increase rate in April rose 3.0% year-on-year, surpassing the consumer price increase rate (2.9%). Dining-out prices have exceeded the average consumer price for 35 consecutive months. Due to rising raw material costs, clothing and footwear prices also rose 5.4% compared to the same month last year, adding to the financial burden during the family month.

Carnation flower prices also surged significantly compared to last year. The wholesale price of one bunch of carnations traded from the 1st to the 8th was 8,505 won, up 39.7% from 6,090 won during the same period last year. As wholesale prices soared, the total quantity of carnations traded during this period (39,217 bunches) decreased by 40.7% compared to the same period last year (66,153 bunches).

As the burden grows, consumers are even sharing 'tips' to save on gift costs by using secondhand trading platforms.

On the 8th, posts appeared on a secondhand trading platform selling various items such as cosmetics, massage machines, and fresh flower bouquets for Parents' Day gifts. Various event items, including allowance boxes to hold cash gifts, are also being traded.

On the 8th, a post selling gifts related to Parents' Day was posted on the secondhand trading platform Danggeun Market.
Photo by Lee Ji-eun

Office worker Lee Eun-ji (30) said, "I bought a balloon box to hold cash gifts for my parents on a secondhand market," adding, "It's a waste to spend tens of thousands of won on items used briefly for events and then discarded. Last year, I bought a machine gun that shoots bills into the air when triggered at a bargain price."

Experts explain that in an era of high prices, consumers tend to choose practical gifts. Professor Lee Eun-hee of Inha University's Department of Consumer Studies said, "Although dining-out prices rose 3% compared to last year, prices had already increased significantly the year before. When life becomes harsh due to high prices, both givers and receivers tend to prefer gifts that feel practical rather than dining out or flowers."