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Models show Lunar New Year gift sets. (Shinsegae Department Store) |
Shinsegae Department Store said on Sunday that gifts for the upcoming Lunar New Year holiday have logged the company‘s best-ever sales this year, boasting a 51.3 percent year-on-year increase.
The figure shows sales generated from Seollal gifts between Jan. 4 and Feb 5.
The department store said the jump in sales reflects the growing demand for premium gifts this year as a result of the coronavirus pandemic as well as the country’s decision to loosen its anti-bribery rules that cap the monetary value of gifts that can be given to certain groups of people including public officials civil servants and teachers. The change is only for agricultural products and the cap has been hiked to 200,000 won ($179), from the previous 100,000 won.
Korean beef known as hanwoo, seafood and agricultural products enjoyed some of the biggest jumps in sales this year, along with tea, health supplements and alcohol, the department store said.
As demand for premium gift sets grows, the retailer also said it has decided to increase supplies by 30 percent this year.
A high-end hanwoo gift set worth 550,000 won saw a 39 percent year-on-year sales increase, the department store said, while a 300,000 won gulbi gift set -- a yellow corbina known for its firm texture and rich taste when roasted or grilled – also saw a 78 percent sales increase.
Online-only products also enjoyed a sales jump, with gift sets enjoying a 67 percent increase, the retailer added.
By Yim Hyun-su (
hyunsu@heraldcorp.com)
