Chuseok: Cash or Gifts for Your Parents?

As Chuseok approaches, many people are considering whether to give cash or gifts to their family members. In this post, we will explore the appropriate amounts for Chuseok gifts and cash,

As Chuseok approaches, many people are considering whether to give cash or gifts to their family members. In this post, we will explore the appropriate amounts for Chuseok gifts and cash, preferences for gifts versus money, and offer tips on how to show gratitude to your family during the holiday.

1. What Gift is Suitable for Chuseok?

If you're planning to give a gift for Chuseok, you might be wondering what would be appropriate. According to a recent survey by Samsung Card, 87% of respondents said they plan to give cash or gifts to their parents for Chuseok. Of these, 49% said they would prepare only cash, 33% would prepare both cash and gifts, and 19% would prepare only gifts.

2. How Much Cash is Appropriate?

If you’ve decided to give cash, you may be wondering what amount is appropriate. The survey shows that 32% of respondents plan to budget between 100,000 and 300,000 won for cash gifts. This is followed by 300,000 to 500,000 won (29%), 500,000 to 1 million won (23%), under 100,000 won (9%), and over 1 million won (7%). For nieces and nephews, appropriate amounts are approximately 10,000 won for elementary school students, 30,000 won for middle school students, 50,000 won for high school students, and 100,000 won for college students. If you have many nieces and nephews, you can adjust the amounts based on your financial situation.

3. Preferred Gifts Besides Cash?

If you are planning to give a gift rather than cash, you might be wondering what to choose. According to a survey by data consulting firm PMI, the most preferred gift is cash or gift certificates (53.9%), followed by fruit sets (25.8%), health supplements (21.1%), meat gift sets (19.3%), and processed food gift sets (11.0%).

4. Cost of Gifts

The most common gift budget is between 100,000 and 290,000 won, followed by gifts under 100,000 won (25.1%). High-cost gifts have decreased, reflecting a trend toward more practical spending in the face of high inflation and economic downturn.

Both cash and gifts are meaningful ways to express gratitude. During the Chuseok holiday, enjoy delicious meals with your family and have a joyful and healthy time. Wishing you a warm and happy Chuseok! 🙏🏻