Buzz
Defying sky-high prices, high-quality Lunar New Year gifts remain sought after by the super-rich in the land of kimchi.
Not only in China and Vietnam but for Koreans, Lunar New Year or 'Seollal' in Korean is one of the biggest and most significant festivals of the year.
Despite economic difficulties leading many to tighten their wallets during this festive season, the demand for preparing high-end gifts with exorbitant prices remains incredibly high for the super-rich in the land of kimchi.
At luxury grocery stores catering to the super-rich, who make up only 1% of the South Korean population, upscale and expensive gifts are selling like hotcakes. Topping the list of Lunar New Year gifts are high-end alcoholic beverages such as fine wines, ginseng-infused liquors, and more.
To cater to the gift-giving needs, shopping centers also offer attractive-priced gift boxes for those economically well-off.
An employee reveals: 'Recently, the number of alcohol addicts has been on the rise, and the demand is increasing accordingly. Usually, business owners are the ones purchasing this type of product'.
Apart from imported wines, one of the delicacies often chosen by Korea's upper class during Tet is premium beef and dried yellow croaker. At Hyundai grocery store, Korean wagyu beef is sold at the listed price of 2.5 million won (approximately 48 million dong).
In addition, a set of 10 dried top-grade yellow croakers is being sold for 3.5 million won (about 66 million dong) at Hyundai grocery store, while Lotte grocery store is selling baskets of dried yellow croakers for 4 million won (about 75 million dong) and mushroom clusters for 2 million won (about 38 million dong).
When asked why grocery stores sell such extravagant gifts, an industry insider shrugs and says: 'Because they sell like hotcakes'.
Notably, this is not the only year that luxury items in Korea are chosen as gifts for Tet, but over time, the trend of buying expensive items has become even more favored by the super-rich in this country.
This Tet, at Hyundai grocery store, the sales of high-end gifts have increased by over 30%, setting a record increase reflecting the soaring demand for luxury goods. Previously, in 2022, there was a 51.3% increase compared to 2021 after the relaxation of Covid-19 restrictions.
Source: Choosun Ilbo, Korea Herald
