"Is This Price for Real?" Surging Hanwoo Gift Set Prices Shock Shoppers... Double-Digit Hikes for Lunar New Year

Hanwoo Gift Set Prices Rise by Up to 20%
Shortage of Large Apples for Gifts... Prices Climb Every Year

As the price of Korean beef has surged, the prices of Korean beef gift sets sold at major supermarkets and department stores for the Lunar New Year holiday have risen by double digits. Apple prices have also continued to climb for the second consecutive year, leading to an increase in the supply of mixed fruit gift sets containing apples and other fruits ahead of this year's Lunar New Year.

The photo is not related to any specific expression in the article. Getty Images Bank

According to the retail industry on January 26, the price of a 2kg Korean beef chilled set, a flagship product at a major domestic supermarket, is around 160,000 won, up about 11% from the early 140,000 won range during last year's Lunar New Year. Another major supermarket's premium Korean beef sirloin gift set (about 2kg) in the 200,000 won range has also increased by about 12%, from 250,000 won to 280,000 won. Some Korean beef products have seen price increases of up to 20%.

A model is holding a 2026 Seol Hanwoo gift set. Provided by Lotte Department Store.

The background for the rise in Korean beef gift set prices is a decrease in supply. According to the Agricultural Outlook Center at the Korea Rural Economic Institute, the number of Korean cattle slaughtered last year was 940,000, down about 5% from the previous year. This year, the number is expected to decrease by 8.4% to 862,000. In the first quarter of this year, the number of cattle slaughtered is expected to be 220,000, a 6.5% decrease from the previous year.

As supply has decreased, Korean beef prices have risen sharply. According to Dabom, a livestock distribution information service, the wholesale price of Korean beef (average carcass price) as of January 21 was 21,378 won per kilogram, a 28.4% increase compared to the same period last year (16,649 won).

Korean beef is the most preferred item among holiday gifts. Major supermarkets are focusing on minimizing price increases to reduce the burden on consumers. They have frozen the prices of value-for-money Korean beef products by securing advance stock, and are minimizing price hikes by expanding direct auction volumes and increasing integrated bulk purchases. Frozen beef rib sets have also been secured in advance and are being sold at the same price as last year.

The price of apples, a representative holiday fruit, has also continued to rise each year. It is analyzed that last year's poor apple harvest has increased upward pressure on prices. Although apple supply has improved somewhat compared to 2024, the supply is still insufficient due to a decrease in the production of large apples (over 300g), which are mainly used in gift sets. Apples grow in the late growth stage (summer to early autumn) by producing sugar through photosynthesis, but due to many cloudy and rainy days, apples did not grow sufficiently large.

Accordingly, major supermarkets are responding to the price increase burden for apple-only gift sets by adjusting the contents. For example, they are reducing the weight of apple gift sets from 3.6kg to 3.4kg while keeping the price unchanged. A retail industry official explained, "Gift sets are usually prepared three to four months in advance, but apple prices are higher than usual," and added, "To ease the pressure of rising prices, we are creating sets by mixing pears with apples or signing advance contracts with citrus fruit producers."

Some major supermarkets have increased their pear supply by 20% compared to the previous year. By combining pears, which have seen relatively higher production, with apples, they have managed to reduce the burden of price increases. Last year, pear production reached 201,000 tons, a 12.8% increase compared to 2024. As for storage pears, which are harvested after last year's Chuseok and distributed in the market until this summer, the storage volume is 92,000 tons, a 16.1% increase compared to the same period last year. In addition, through advance contracts for citrus fruits such as Redhyang and Hallabong, the share of Lunar New Year gift sets containing these fruits has also increased by about 10%.