With Parents' Day on May 8 approaching, a survey found that "cash" overwhelmingly ranked No. 1 as the best gift chosen by parents.
On the 5th, Kakao Pay said that a survey of 27,095 people conducted through its in-house finance journal "Pay Attention" showed that 89% of respondents chose "cash" as the most preferred Parents' Day gift.
After cash, "gifts" accounted for 5%, while "health supplements" and "travel" were each 2%, leaving all other items in the single digits.
In fact, the number of transfers on Parents' Day last year surged. According to Kakao Pay, the number of easy transfers in a single day on Parents' Day last year was 3.03 million, the highest level in May.
The amount sent averaged around 100,000 won. The amount sent and received via the gift envelope feature averaged 98,000 won.
Experts say the results reflect a consumer trend that values practicality and choice. Lee Eun-hee, a professor of consumer studies at Inha University, said, "Cash is increasingly preferred because it is a way to deliver choice along with a simple gift."