Presidential Chuseok gifts among priciest resale items as holiday-set trades rise 134%
In short
The number of holiday gift sets traded on second-hand platform Bungaejangteo (번개장터) between Sept. 24 and Oct. 7 rose 134% from a year earlier and their value rose 29%, the platform said on Oct. 9. A liquid tea containing deer antler sold for 490,000 won as the top-priced set, while ranks two to five were all items linked to Cheong Wa Dae or the president, including President Lee Jae-myung's Chuseok traditional liquor and cup set at 300,000 won.
Read the full story 2 min read
The number of holiday gift sets traded on second-hand trading platform Bungaejangteo (번개장터) between Sept. 24, when this year's Chuseok holiday began, and Oct. 7 rose 134% from the same period a year earlier, and transaction value rose 29%, according to the platform's figures reported on Oct. 9 by Kukmin Ilbo, Newsis and Maeil Business. Kukmin Ilbo and Newsis said the reselling of holiday gifts, called "myeongjeol-tech" (명절테크), a blend of the Korean words for holiday and investing, had more than doubled from a year earlier. [ 1 , 2 , 3 ]
The highest-priced holiday set traded over the holiday was a 1kg liquid tea containing deer antler, at 490,000 won. Ranks two to five were all items linked to Cheong Wa Dae or the president. A Cheong Wa Dae men's and women's wristwatch gift set came second at 400,000 won, and the traditional liquor and cup set that President Lee Jae-myung sent as this year's Chuseok gift came third at 300,000 won. The fourth- and fifth-ranked items were Chuseok gift sets from past presidents, traded at 250,000 to 300,000 won. Bungaejangteo said six of the top 10 items by transaction value were gifts related to Cheong Wa Dae or the president. [ 1 , 2 , 3 ]
Lee delivered his gifts on Sept. 16 ahead of Chuseok to people across society, reflecting "5-geuk 3-teuk" (5극 3특) characteristics. They contained eight specialty products from around the country, including Andong soju and Jeonju Igangju. A Newsis photo caption said recipients included leading figures from various fields, war heroes and persons of national merit, and socially vulnerable groups. [ 1 , 2 , 3 ]
People in their 20s made up 24.4% of buyers of holiday sets on the platform, followed by teenagers and younger at 22.2% and people in their 30s at 20.7%. Among sellers, people in their 20s were the largest group at 32.1%, and together with those in their 30s (24.5%) accounted for more than half. Holiday sets frequently listed on second-hand platforms were Spam and ham, coffee and tea, red ginseng and ginseng, and tuna. Newsis and Maeil Business reported that user numbers in the week before the holiday (Sept. 14-19) and the week after (Sept. 28-Oct. 3) stayed at similar levels. [ 1 , 2 , 3 ]
An industry official quoted by Newsis said holiday gift-set trading recurs every year but that this year the number of transactions more than doubled. "As exchanging unneeded gifts for what people want becomes familiar, centred on those in their 20s and 30s, myeongjeol-tech is settling in as an everyday consumption pattern," the official said. [ 2 ]
Maeil Business added that individuals trading restricted items such as liquor should check the relevant rules, and said that items whose trading between individuals is strictly prohibited, such as liquor, sometimes appear on second-hand markets, with calls for monitoring by authorities or platforms. It also said unopened gift sets entering the second-hand market raise concerns for retailers and manufacturers over prices and brand image. [ 3 ]
Why it matters
The data, reported by three business outlets, point to wider reselling of unwanted holiday gifts, with people in their 20s the largest group of both buyers and sellers. An industry official quoted by Newsis said this reselling is becoming an everyday consumption pattern among people in their 20s and 30s. Maeil Business noted that some items listed, such as liquor, are restricted for trading between individuals.
Key facts
- Holiday gift-set transactions on Bungaejangteo from Sept. 24 to Oct. 7 rose 134% in number and 29% in value from a year earlier. [ 1 , 2 , 3 ]
- The top-priced set was a 1kg liquid tea containing deer antler, traded for 490,000 won. [ 1 , 2 , 3 ]
- A Cheong Wa Dae men's and women's wristwatch gift set ranked second at 400,000 won. [ 1 , 2 , 3 ]
- President Lee Jae-myung's Chuseok traditional liquor and cup set ranked third at 300,000 won. [ 1 , 2 , 3 ]
- Ranks four and five were Chuseok gift sets of past presidents, traded at 250,000 to 300,000 won. [ 1 , 2 , 3 ]
- Six of the top 10 items by transaction value were gifts related to Cheong Wa Dae or the president, Bungaejangteo said. [ 1 , 2 , 3 ]
- People in their 20s made up 24.4% of buyers and 32.1% of sellers. [ 1 , 2 , 3 ]
Confirmed by several sources
- Holiday gift-set transactions on Bungaejangteo from Sept. 24 to Oct. 7 rose 134% in number and 29% in value year on year. [ 1 , 2 , 3 ]
- Items ranked second to fifth by price were all linked to Cheong Wa Dae or the president. [ 1 , 2 , 3 ]
- President Lee delivered Chuseok gifts on Sept. 16 containing eight regional specialties, including Andong soju and Jeonju Igangju. [ 1 , 2 , 3 ]
- User numbers in the week before the holiday (Sept. 14-19) and the week after (Sept. 28-Oct. 3) stayed at similar levels. [ 2 , 3 ]
- Frequently listed holiday sets were Spam and ham, coffee and tea, red ginseng and ginseng, and tuna. [ 1 , 2 , 3 ]
Still unclear
- Whether trading liquor such as the presidential gift set between individuals is permitted. Only Maeil Business says individual-to-individual trading of items such as liquor is strictly prohibited and that calls for monitoring have been raised; the other outlets do not address it.
- Which past presidents' gift sets ranked fourth and fifth. The documents do not name them.
- How the figures were compiled. All figures come from Bungaejangteo itself; no outlet gives independent data.