TMON, a major online shopping platform, expects customers to significantly reduce their spending on Lunar New Year gifts this year. (Image courtesy of TMON)
SEOUL, Jan. 23 (Korea Bizwire) — As economic hardships deepen, TMON, a major online shopping platform, expects customers to significantly reduce their spending on Lunar New Year gifts this year.
In a survey conducted from January 10 to 16 involving 500 customers, TMON found that 58% (multiple responses allowed) plan to purchase gifts from online channels known for competitive pricing. Large supermarkets (43%) and department stores (8%) followed as preferred shopping venues.
The most desired gift among respondents is cash, with an overwhelming 45% favoring it. Fresh food (20%), gift certificates (12%), prepared food (9%), health supplements (6%), and digital/electronic appliances (3%) were also popular choices.
Conversely, the most preferred gifts to give were fresh food items like Korean beef and fruit sets (29%), followed by cash (26%).
The impact of high prices has influenced gift selection, with a focus on ‘value for money’ – the balance of quality and price. To reduce holiday expenses, 46% of respondents plan to lower their gift price range, and 23% intend to cut down on meal preparations or buy cost-effective groceries. For the Lunar New Year gift budget, 40% indicated they would spend between 50,000 to 100,000 won.
To support thrifty gift-giving, TMON will run a special ‘Lunar New Year with TMON’ section until February 11, offering budget-friendly gift options and a variety of New Year benefits.
A TMON representative stated, “In this high-inflation era, we have prepared economical gift options and diverse New Year benefits to minimize customers’ financial burdens.”
Ashley Song (ashley@koreabizwire.com)
