By Kim Hyun-cheol
Staff Reporter

A unique niche market is prospering amid the economic slowdown sweeping the country. Sales of luxury gift certificates worth up to 30 million won ($22,350) at two local department stores reached nearly 1.4 billion won in three weeks.

Lotte Department Store said Friday it had sold 15 sets of Biz Edition, a 30-million won package certificate, since its launch Dec. 15 last year.

Shinsegae Department Store sold five sets of its "Trinity Certificate" at the same price from Dec. 22. The value of the gift tickets is the highest ever.

Lotte and Shinsegae also sold their 10-million-won coupons at a combined sum of 12.9 billion won. Sales of the item will likely rise as another package of the same price, H-Nobility, is on sale at Hyundai Department Store in a 500-set limited edition.

Sales of the pricey vouchers will continue through Jan. 24, the beginning of this year's "seolal," or Lunar New Year holiday.

All purchases of the certificates were via company credit cards, meaning firms, rather than individuals, were the main customers of the special items, according to the department stores.

Sales of 10-million-won coupons rose about 5 percent from last year, Lotte said.

"Companies' purchase of gifts for their employees is down this season due to the current economic slump, except for those high-priced certificates," a Lotte spokesman said. "Several kinds of businesses bought them as seolal gifts for their employees."

The high-priced products contribute to the overall increase in gift certificates sales during one of the nation's biggest holiday seasons, according to the industry.

"Cash-like gifts are gaining popularity these days in reflection of the economic slowdown. If demand for small-sum gifts turns to gift coupons, their sales could grow nearly by 10 percent from last year," a Shinsegae spokesman said.

hckim@koreatimes.co.kr