The Growing Trend of Gifting Higher-Priced Korean Beef as a Holiday Gift

The growing market for high-end Korean beef gift sets suggests that there is a trend of gifting more expensive items for holidays. This may be due to a number of factors, such as an increase in disposable income in a certain class of people, a desire to impress others, or a general trend towards more lavish gift-giving. Whatever the reason, this trend is likely to continue in the future.

Lotte Department Store will strengthen the high-end Korean beef gift set for Chuseok and introduce a order-made sales method.
Sales of premium Korean beef gift sets (over 1 million won) at Lotte Department Store's headquarters have increased by more than 70% annually over the past two years.
The category of the high-end Korean beef gift set was "No. 9 Korean Beef," which consists of the 1++ grade BMS (Beef Marbling Score) 9 Korean beef, and "Designated Farm Luxury" prepared with farmers selected as clean livestock farms (CLF) by the Ministry of Agriculture, Food and Rural Affairs.
"As the trend to gift high-end Korean beef for the holidays continues to increase, we have subdivided related categories and increased items", said Do Sang-woo, head of Lotte Department Store's livestock team. "Demand for high-end gift sets is expected to increase steadily in the future."
In particular, the highest-priced gift set "Prestige No,9 Luxury GIFT (3 million won)" which was introduced for the first time during the Lunar New Year event in January is a gift that contains only precious parts in the No. 9 Korean beef with the highest grade of 1++-grade marbling score among Korean beef, and its sales have increased more than five times compared to the previous year.

If you add a little more money, you can just buy a calf and bring it home. High-priced Chuseok gifts are not luxury purchases for consumers themselves, but rather spending money to look good to someone. It makes us think about what this growing market means.