Koreans prefer cash in Chuseok gifting for parents
More Koreans are expressing a preference for offering cash instead of gift sets to their parents during the Chuseok holiday, data showed Thursday.
According to a survey conducted by KB Kookmin Card, a subsidiary of South Korea's KB Financial Group, among a total of 420 survey participants, 91 percent are planning to prepare gifts either in monetary or non-monetary form for their parents, with almost 80 percent opting for cash while 43 percent are considering product purchases.
In terms of cash gifts for one parent, the majority (74 percent) are aiming for a price range of 100,000-300,000 won ($75-224), followed by 15 percent in the 300,000-500,000 won range and 7 percent under the 100,000 won range.
A higher percentage of male respondents (82 percent) than female respondents (75 percent) favored monetary offerings, while more females (45 percent) than males (41 percent) preferred non-monetary presents.
Among those preparing physical items, approximately 77 percent are likely to purchase food items, such as health care products, fruits and meat. Additionally, 12 percent intend to purchase cosmetics, and 10 percent plan to spend money on apparel.