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Korean firms lower gift prices ahead of Chuseok holiday

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2013-08-19

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Operations here at a gift set packaging plant in Incheon are in full-swing‚ with employees gearing up for one of the busiest retail seasons ahead of the Chuseok holiday.
The factory plant has been running non-stop since last month‚ as more than half of Korea's annually produced cooking oil is expected to be sold through holiday gift sets this year.
Major retail chains are already showcasing this year's line of Korean Thanksgiving gifts on store shelves.
However due to a tough economic times‚ consumer tastes have shifted towards more frugal and practical gift ideas.
"Since the cost of goods has gone up‚ I'm thinking of getting medium- to low-priced household items. Things like toothpaste or cooking oil are what I have in mind right now."
High food prices and fierce competition resulted in lower-than-expected sales numbers last year among retailers.
It's prompted many local companies to shift their pricing strategy in order to hit the 20 to 30 dollar sweet spot on the majority of their gift sets.
In particular‚ gift sets with apples and pears will see a price drop of up to 20 percent compared to last year.
Popular products such as "hanwoo‚" or Korean beef‚ will also benefit from a price cut of up to 10 percent.
The price of other traditional gifts such as dried yellow corvina and anchovies will remain unchanged on-year as an outbreak of red tide has devastated local fish stocks.
Meanwhile‚ products with mushrooms and mixed nuts will see a sharp price hike.
The Korean market size for Chuseok gift sets is expected to be worth nearly 448 million U.S. dollars‚ with an optimistic growth forecast this year as retailers adjust their product offerings to reflect the prolonged economic slowdown.
Paul Yi‚ Arirang News. Reporter : paulyi@arirang.co.kr

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