Korean retailers focus on premium Chuseok gift sets to boost sales

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South Korean retailers are going all-out to boost sales during the upcoming Chuseok, or Korean Thanksgiving, holiday, by offering premium gift set options to consumers.

According to retail industry sources on Monday, The Shilla, operator of luxury hotels and duty-free shops, introduced a Chuseok gift set composed of local produces.

A set of 1-kilogram “Myeongin Traditional Jang,” which includes doenjang (soybean paste), gochujang (red chili paste), and ssamjang (sweet and spicy paste), is offered at 220,000 won ($166.4). The sauces are made according to a recipe passed down from the Kwon family in Andong, North Gyeongsang Province.

The sauces are a set of traditional pastes made by Master Seong Myeong-rae, who was designated as a food master No. 45 in the category of mac doenjang production by the Ministry for Food, Agriculture, Forestry and Fisheries in 2012.

The Shilla also introduced the “Myeongin Aged Hanwoo” set, the most popular Chuseok gift set, which features 2 kilograms of aged Korean beef, with price going as high as 1.6 million won.

The Korean government has recently revised the enforcement decree of the Improper Solicitation and Graft Act, also known as Kim Young-ran Act, to raise the limit for holiday gifts to 300,000 won.

Lotte Department Store Co. is offering promotions that focus on hands-on events. The retailer is introducing various programs at its cultural centers for the fall semester which opens on October 1 and also special events for Chuseok.

Lotte Department Store will hold cooking classes with food masters and chefs for the first time to allow consumers that buy its gift sets to try and make Chuseok meals in advance.

Lotte Department Store plans to offer a wide range of premium gift sets priced between 200,000 and 300,000 won.

Shinsegae Department Store Co. and Hyundai Department Store Co. also plan to increase the range of premium products priced over 100,000 won by 10 to 20 percent.