Rich Koreans Still Splurge on High-End Lunar New Year Gifts

  • By Lee Tae-dong

    January 16, 2023 12:52

    Most Koreans are tightening their purse strings this Lunar New Year, but rich people still have a taste for high-end presents.
    Expensive luxury gifts are selling well in department stores catering to the one percent. Leading the trend is liquor. Malls are offering liquor hampers of fine whiskey, wine and champagne at eye-watering prices, and they are flying off the shelves.
    One staffer said, "The number of liquor aficionados has increased recently and demand is on the rise. It’s usually business owners who buy these products."
    The price tags of several premium products have risen. Hyundai Department Store is selling 10 dried corbinas for W3.5 million and top-quality Korean beef hampers for W2.5 million. Lotte Department Store is selling dried corbina hampers for W4 million and truffles for W2 million (US$1=W1,241).
    Asked why department stores are selling such extravagant gifts, one industry insider shrugged, "Because they sell like hot cakes."
    At Hyundai Department Store, sales of high-end gifts have risen more than 30 percent this year.
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