When it comes to the appropriate amount for sebaet don, opinions varied by age group. For preschool children, 46% of respondents felt that 10,000 won or less was suitable. (Image courtesy of Yonhap)
SEOUL, Feb. 9 (Korea Bizwire) – With the Lunar New Year approaching, South Koreans are setting aside an average of 520,000 won (about $440) per person for holiday cash gifts, commonly known as “sebaet don,” a recent survey has revealed.
The survey, conducted by KB Kookmin Card, also found that over half of the respondents believe that up to 50,000 won is a suitable gift amount for middle and high school students.
The study, based on responses from approximately 400 participants in the KB Kookmin Card’s customer panel, “Easy Talker,” shows a slight decline in the number of people planning to visit family or relatives compared to last year’s Chuseok holiday.
An overwhelming 87% of respondents intend to give out sebaet don, with cash transactions making up 92% of these gifts. Those receiving sebaet don anticipated an average of 120,000 won in gifts.
When it comes to the appropriate amount for sebaet don, opinions varied by age group. For preschool children, 46% of respondents felt that 10,000 won or less was suitable.
Elementary school children should receive no more than 50,000 won, according to 42%, while 29% believed 30,000 won or less was adequate.
Over half (58%) of the respondents thought that middle and high school students should receive no more than 50,000 won, with 32% suggesting up to 100,000 won.
Among adults, 88% of respondents were willing to give sebaet don, with 52% considering up to 100,000 won appropriate, followed by 22% who thought 50,000 won or less would be sufficient, and 11% who were willing to go above 100,000 won.
Regarding Lunar New Year plans, 58% of respondents intended to visit or dine with family and relatives, marking a 6% decrease from the 64% who had similar plans during last year’s Chuseok.
A separate survey by KB Kookmin Card targeting merchants over the past five years revealed that side dish stores see the highest average daily sales increase of 29% during the Lunar New Year holiday.
This is followed by coffee shops (10%), delivery services (6%), and specialized stores for agriculture, fisheries, and livestock products (5%).
Lina Jang (linajang@koreabizwire.com)
