Korean retailers offer wide range of Lunar New Year gift sets

The Premium Hanwoo The No.9 [Image source: SSG.com]

South Korean retailers are releasing a series of premium and affordable gift sets, catering to a wide range of consumer preferences, ahead of the Lunar New Year.

According to sources on Thursday, major department stores are expanding their premium product offerings, focusing on increasing their existing premium lineups to meet the expectations of VIP customers.

Shinsegae Department Store has significantly expanded the quantity of the 5 Star luxury gift set, a key premium product for the year.

The Premium Hanwoo The No.9, composed of the top 3 percent of 1++ grade Hanwoo meat, with the highest marbling grade of 9, is priced at 2.5 million won ($1,900). This marks a 20 percent increase in Hanwoo gift set quantities compared to the previous year’s Lunar New Year.

A noteworthy trend this year is the introduction of ultra-high-priced whiskey, with Shinsegae unveiling the Hardy Lalique 4 Seasons (4 bottles) priced at 50 million won per bottle, totaling 200 million won for the entire set. The famous Dalmore Constellation 1976, renowned for its premium single malt whiskey, is priced close to 62 million won.

Hyundai Department Store introduced the world-record-holding single malt whiskey Glenfiddich 50 Year Old Single Malt Whisky for the first time this year, with a staggering price tag of 85 million won.

Lotte Department Store has also expanded its premium gift sets, notably increasing the volume of 1+ grade Hanwoo meat by 35 percent compared to the previous year, following a successful sell-out performance during last year’s holiday season.

The Prestige Cow No.9 Premium GIFT, composed of the most popular cuts, sold all 100 sets prepared, despite its hefty price tag of 3 million won.

Practical gift sets are also gaining popularity amid a decline in disposable income due to high inflation and interest rates.

Large discount stores are introducing a series of gift sets priced under 50,000 won. E-Mart expanded its Shine Muscat set, priced in the 30,000 to 40,000 won range, by 50 percent compared to last year’s Lunar New Year.

Lotte Department Store has also introduced practical gift sets priced under 100,000 won. Notably, the Essential Shine 5-Type gift set, consisting of one each of apple, pear, Shine Muscat, Hallabong, and Red Hyang, is priced at 80,000 won.