Gold decoration with diamonds embedded... Buying a '500 million won Chuseok gift' at the convenience store in front of the house [Luxury World]

The Most Expensive Chuseok Gift Set This Year
Whiskey with Diamonds Worth 500 Million Won
Digging Consumption Spreads... Whiskey Worth Tens of Millions Sold Out

As Chuseok approaches next month, gift sets worth tens of millions of won are flooding the market. Some distribution channels have even introduced ultra-luxury gifts priced at the level of small apartments in Seoul, capturing consumers' attention. The demand for rare and valuable gifts is increasing, and the spread of 'digging consumption'?where consumers open their wallets widely in areas they consider valuable?is leading to actual purchases of these ultra-luxury gift sets.

According to the distribution industry on the 18th, the most expensive Chuseok gift set released this year is priced at 500 million won. This amount can buy a small-sized older apartment in Seoul. The convenience store chains GS25 and CU have launched gift sets in the 500 million won range. The product introduced by GS25 and CU is the 'Windsor Diamond Jubilee (700mL)'.

This product was produced in only 12 bottles in 2008 at a cost of 140 million won (at that time's prices), with support from the headquarters of Diageo Korea. It is characterized by an 18K gold decoration and a 0.5-carat diamond embedded on the upper front of the bottle. It is a whiskey of the highest quality, blended by Royal Lochnagar, which supplies the British royal family, using rare raw spirits from the Glenury Royal Distillery. The rarity has increased since the distillery has now closed. The price per glass (40mL) is about 29 million won. When first produced, the selling price was 300 million won, but after 15 years, the price has risen by 200 million won (66%). The price increase is due to inflation and the high value placed on its rarity.

Department stores have also introduced gift sets worth hundreds of millions of won. Shinsegae Department Store unveiled the premium single malt whiskey Macallan's 'The Red Collection 78 Years'. This gift set is priced at 240 million won, making it the most expensive gift set released by a department store this year. The price per glass is 13.72 million won. Macallan's Red Collection is a limited edition inspired by Macallan's iconic red color. It consists of 40, 50, 60, 71, 74, and 78-year-old whiskeys, with the 78-year-old being the oldest product Macallan has released to date. Two years ago, the market price was around 180 million won, but the value has increased, pushing the price higher.

Hyundai Department Store introduced a 100 million won wine gift set called 'Chateau Latour Vertical Collection'. Hyundai Department Store has prepared gifts worth around 100 million won every holiday season. Last Chuseok, they sold three bottles of Madame Leroy Grand Cru Collection wine for 149 million won, and this Lunar New Year, they offered Glenfiddich 50-year-old for 85 million won. The Chateau Latour is a Bordeaux wine from five first-class vineyards (Grand Cru) in the Bordeaux region. The set contains 24 bottles, with each bottle priced at about 4.16 million won.

Galleria Department Store released the 'Royal Salute Charles III Coronation Edition' whiskey as an ultra-luxury gift. Priced at 36 million won, it is reported that only 500 bottles were produced worldwide.

Windsor Diamond Jubilee.
Photo by GS25

Chuseok gifts worth hundreds of millions of won target consumers with strong purchasing power. The industry believes that demand for rare and valuable gifts is increasing. Department stores have been introducing limited edition products from around the world or ultra-premium gifts that cannot be found in the market every holiday season to meet the demands of loyal customers who spend large amounts.

The recent launch of high-priced gift sets by convenience stores is in the same context. Offering a range from cost-effective to high-priced unique gifts allows consumers to conveniently select gifts near their homes. Moreover, as convenience store sales have surpassed those of department stores, their product sourcing capabilities have improved. A convenience store industry official said, "The aim is to allow customers to purchase products that were previously only available at department stores at their local convenience stores during holidays," adding, "The price spectrum will become even broader."

The spread of digging consumption has also influenced the high-priced gift set market. Digging consumption refers to the phenomenon where consumers 'dig into' their preferred fields, turning this behavior into consumption. As the number of 'enthusiasts' increases, they purchase high-priced products released as holiday gifts even if they are hard to obtain. These rare items often appreciate in value over time, offering potential investment benefits.

Most of these high-priced gift sets sell in the tens of millions of won range. For example, Lotte Department Store sold products such as the 'Yamazaki Hakushu Limited Edition Selection' (15 million won) and 'Richard Hennessy' (13.3 million won) during last year's Chuseok. Convenience store CU sold five sets of 'The Glen Grant 60 Years' (34 million won), 'The Glen Karen' (34 million won), and 'Cognac Prapan Cuvee La Blle' (28.5 million won) during the same period.

Lotte Department Store's limited edition 'Prestige Amso Number Nine Luxury Gift' (3 million won) with 100 sets and Shinsegae Department Store's '5-Star Korean Beef (Marbling Grade 8-9)' (2.5 million won) were sold out. A department store industry official said, "Corporate customers often look for gift certificates during holidays, but some also look for high-priced gifts," adding, "Individuals also purchase rare products for collection purposes."