Over half of Koreans plan to spend same on Chuseok gifts as last year: KCCI survey

Shoppers browse fruit sets at a wholesale market in Incheon, west of Seoul, on Sept. 5, with the Chuseok holiday less than two weeks away. (Newsis)

Most South Koreans showed positive sentiments about spending more on Chuseok gifts this year, despite the ongoing inflation and economic challenges, a recent survey found.

According to the survey conducted by the Korea Chamber of Commerce and Industry, the nation’s largest business lobby, more than half of respondents, or 56.2 percent, planned to spend a similar amount on Chuseok gifts as they did last year, while 29.1 percent said they would increase their spending. The survey polled 1,000 Koreans aged 20 and older.

“The survey highlights a social consensus among Korean consumers that, despite the current trend of restrained spending due to inflation and economic downturns, they still feel the need to exchange gifts during the Chuseok holidays,” the KCCI said.

Across all age groups, the most popular choice for Chuseok gifts was fruit, preferred by 43.8 percent of respondents. The second most popular choice varied by age group. Consumers in their 20s and 30s favored meat, while those in their 40s and 50s preferred health supplements.

When it came to purchasing decisions, cost-effectiveness ranked as the top consideration for all age groups, particularly among older consumers. Nearly half of those in their 20s prioritized cost, compared to 72.8 percent of respondents in their 50s and 78 percent of those in their 60s.

However, the second most important factor differed by age group. Consumers in their 20s and 30s valued luxury items, while those in their 40s, 50s and 60s focused more on the recipient's preferences or the health benefits of the products. Trendiness and brand popularity were more important to younger consumers.

When asked about their preferred purchasing channels for Chuseok gift sets, more than half of consumers, or 58.1 percent, chose large supermarkets, followed by e-commerce sites (40.8 percent), department stores (30.5 percent) and mobile gift certificates (12.5 percent). Traditional markets were the least preferred, with only 3.5 percent of respondents selecting them.

“Consumers tend to prefer large supermarkets due to the high sensitivity to quality and the need to compare products directly, something traditional markets struggle to accommodate,” KCCI said.

Meanwhile, in terms of gift recipients, parents were the most common, with 76 percent of respondents choosing them. Parents were followed by close acquaintances like friends or neighbors at 47.6 percent, colleagues or superiors at 18.4 percent and children or teachers at 7.7 percent.

By Hwang Joo-young(flylikekite@heraldcorp.com)