“Strawberries Cheaper, Buffets More Expensive?” Hotel Industry’s ‘Greedflation’ Exposed
Creatrip Team
a month ago
Strawberry dessert buffets have returned to Seoul hotels, but despite lower wholesale strawberry prices this winter, buffet rates have hit record highs—many reaching around 150,000 KRW per person. Industry observers blame “greedflation” (price hikes driven by profit-seeking) and say hotels cite rising labor and utility costs and higher dairy prices as justification. Insiders admit competitive positioning and brand image often drive pricing more than ingredient costs, leading to a ‘Veblen effect’ where higher prices can boost demand. The trend ties into the MZ generation’s “small luxury” (spending on modest indulgences) behavior: even with costly buffets, weekend bookings are nearly full through February. Experts warn that if service quality doesn’t match prices, consumer backlash could follow.
