This year's Lunar New Year gift trend has emerged as "N Polarization" consumption. N-polarization is a new term that explains the phenomenon that the average standard has become meaningless as individual tastes are divided into several branches.
Even when choosing New Year's gifts, there was a "average disappearance" trend in which consumers preferred cost-effective or premium (high-priced) items. This phenomenon is explained by 'economic downturn', 'endemic' and 'diversification of preferred items'.
According to the analysis of the sales data of the online shopping company WeMakePrice "2023 Sulphreys" on the 19th (from the 1st to the 13th), 69% of the total purchases of gift sets worth more than 10,000 won and less than 50,000 won. It is analyzed that the popularity of cost-effectiveness gifts continued due to the continued economic downturn.
Purchases of premium gift sets worth more than 100,000 won also saw a 29% increase in sales compared to last year's Lunar New Year exhibition. As this Lunar New Year is the first face-to-face holiday since the end of the pandemic, it seems to be due to an increase in the number of formal occasions.
The items of New Year's gifts that consumers prefer have also diversified. Compared to the previous year, the purchase rate of food and health products decreased by 17%. Instead, the purchase rate of living and kitchen products increased by 19%, and the purchase of beauty (beauty) products also increased by 5%.
An official from WeMakePrice said, "The 'N-polarization' consumption trend, which emerged as a Lunar New Year consumption trend this year, is expected to intensify as the price impact and the MZ generation establish themselves as the main consumers."
Writer: Soyun Lee
(Picture from Unsplash)
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