Christmas cakes are also polarizing in the top three (high prices, high interest rates, and high exchange rates).
According to the industry on the 4th, large luxury hotels, convenience stores, and large markets unveiled Christmas cakes and started making orders. The price of luxury hotel cakes has risen by more than 30% compared to last year, and most cakes are set at around 100,000 won. Cakes worth 200,000 also increased from last year. Against this, convenience stores and supermarkets put ‘cost performance’ ahead. The cake, priced at less than 10,000 won, was presented as a representative product.
All five-star hotels with high-end cakes and convenience stores and supermarkets with cost-effective cakes all responded to the ‘high price phenomenon’ as the reason for pricing, showing the polarization caused by the high price crisis.
Seoul Shilla Hotel’s special end of year cake ‘Alluring Winter’. This year, it set the record for the highest price among cakes served in a luxury hotel. /Seoul Shilla Hotel.
While all of the Christmas cakes were released in luxury hotels, the cakes that recorded the highest price this year came from two places. Chosun Palace and Seoul Shilla Hotel each launched cakes worth 250,000 won.
Chosun Palace’s most expensive cake, ‘White Tree Special’, was presented at the same price last year, and although it was extremely expensive, it sold out early. In the industry, it was expected that Chosun Palace would release a top-class cake close to 300,000 won, but it introduced the same product at a frozen price. An official from Chosun Palace said, “Last year’s White Tree Cake was very popular, so we launched the same product this year.”
Seoul Shilla Hotel Set 250,000 won for the ‘Alluring Winter’ cake designed as a single flower. Shilla Hotel introduced two types of cakes last year, priced at 70,000 won and 80,000 won, respectively. On the other hand, starting with Alluring Winter this year, they paid 130,000 won for ‘The Brightest Moment Ever’ and 150,000 for their signature ‘White Holiday’ cake. White Holiday, which is released every year, sold for 88,000 won last year, almost doubling the price. The Shilla Hotel explained that this year it tried to make it more premium than the previous year.
All hotel cakes cost no more than 100,000 won. The Plaza Hotel has revealed 10 types of cakes, and the cheapest cake is 50,000 won. Kensington Hotel Yeouido and Sofitel Ambassador Seoul also launched cakes ranging from 60,000 won to 90,000 won. However, all major popular hotels have raised their prices by at least 40,000 won (50%).
The hotel industry explains that the increase in cake prices is a result of high end products, labor costs of pastry chefs, and high prices. An industry insider said, “The main factor behind the price increase is the high quality of the cakes and the labor cost of pastry chefs who make high quality cakes that are difficult to produce.” It had an impact,” he said.
Models presenting the Homeplus ‘Mont Boulanger’ Christmas cake. Homeplus paid 20,000 won or less for seven out of eight Christmas cakes launched this year. /Homeplus
More ‘cost effective cakes’ were also released than ever before. Large markets and convenience stores poured small cakes for those burdened with franchise bakery cakes, released at the end of the 30,000 won amid high prices.
From the 1st of this month, E-Mart has been selling ‘Pangppangduck Mini Cream Cake’ at E Bakery and Boulangerie stores for less than 10,000 won. Homeplus is also booking in advance for eight types of Christmas cakes until the 14th. Of the 8 types of cakes released this time, 7 are ‘cost effective’ cakes in the 10,000 won range, and the other 1 type is also in the 20,000 won range. My Home Plus members also receive a 30% discount.
The convenience store industry has gained ‘cost-effectiveness’ through miniaturisation. GS25 presented ▲Dore Dore Strawberry Santa Cake ▲Dore Milk Cloud Cake (6,500 won) and ▲Dolce Chocolate Longcake ▲2 Blueberry Longcake (5,900 KRW) in collaboration with Cafe Dore Dore. All of them are released as small cakes, and decorations are given so that one or two people can feel the Christmas atmosphere for a small party.
E-Mart launched 24 traditional Italian desserts ‘Pan d’Or’ and ‘Panettone’ for 4,500 won along with pre-sale of Haagen-Dazs cakes with Chosun Hotel. Pandor and panettone are traditional Italian Christmas desserts. Emart 24 sells the small size of 100g for 4,500 won and the large size of 500g for 14,900 won.
An official from the large-scale mart industry said, “We prepared products with the highest cost-effectiveness, considering that more and more people are looking for cheap cakes amid high prices.” It is true that this has arisen.”
