The prolonged economic challenges of high prices, high oil costs, and high exchange rates are impacting even the way couples express their love on Valentine's Day (February 14th). The retail industry is responding by prominently featuring practical gift options to appeal to couples' wallets.
A notable trend is the combination of character goods like dolls with chocolates and snacks, often priced between 10,000 and 20,000 won. As consumers tighten their belts due to the recession, and even Lunar New Year gifts focused on value, the Valentine's Day market is seeing a strategic push towards affordable yet appealing gifts that balance cuteness and practicality.
Convenience Stores Lead the Charge
GS25, operated by GS Retail, has themed its Valentine's Day promotion as 'Sweet Festival'. This year, instead of collaborating with webtoon artists as last year, they are offering a variety of sets featuring popular animation 'Jujutsu Kaisen', global jelly brand 'Haribo', and character 'Hamging'.
Many GS25 stores in Suwon have set up special Valentine's Day displays in front of their shops. The displays feature a variety of products, from popular animation 'Teenieping' dolls to sets of jellies and chocolates.
The prices are also noteworthy. Gift sets can be purchased for as little as 8,000 won and up to 20,000 won. A Haribo set with four packs of jellies (Goldbaren and Starmix) in a bear-themed gift box is priced at 8,000 won. Considering that individual Haribo jellies cost 2,000 won each at convenience stores, the price with the added packaging is quite reasonable.
CU, operated by BGF Retail, has chosen 'harmless power' as its Valentine's Day keyword and is offering a variety of character-themed products under the slogan 'Cute-bara! Get-bara!'. BGF Retail explained that despite the continued high prices and shrinking consumer sentiment, the trend of spending on special occasions continues. They have prepared cute and adorable gifts that do not cause stress or negative feelings.
The products feature 'Pujigi & Pajigi', a character based on capybaras living in Everland, and 'Rilakkuma' character products. Like GS Retail, they are selling products that include jellies and chocolates in the goods. CU stores in Suwon have also set up separate character stands inside and outside the stores, which are attracting considerable consumer attention.
Seven Eleven is also focusing on cuteness. Seven Eleven stores in Suwon feature 'Lotso Bear' collaboration products, a bear character from the movie 'Toy Story 3'. Lotso Bear is a pink bear doll and is available as pouches, plush keyrings, random keyrings, mouse pads, and face cushions. Prices range from 13,900 to 27,900 won.
E-Mart24 has prepared 119 types of planned products, including 'Sweet Boxes' composed of chocolates and jellies, as well as character products. An E-Mart24 official explained, "More than 50% of the 119 types are priced below 10,000 won to minimize the burden on customers."
These practical products are contributing to increased sales at convenience stores. BGF Retail reported that among Valentine's Day event products last year, sales of products under 5,000 won decreased, while the proportion of sales of products over 10,000 won increased. A CU official said, "With characters and practical goods, sales increased by 18.4% compared to the previous year."
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