'Revenge Spending' Continues into the New Year... People Line Up Even for 140,000 Won Burgers

On the 8th, customers are lining up in front of the Gordon Ramsay Burger store at Lotte World Mall in Songpa-gu, Seoul.

Despite major luxury brands raising their prices simultaneously at the start of the new year, consumers continue to flock in large numbers in front of department stores to purchase luxury goods. The phenomenon of 'revenge spending' remains evident, with long waiting lines even at a famous burger restaurant where a single menu item costs over 140,000 won.

On the 9th, Hermes at Shinsegae Department Store Gangnam Branch in Seocho-gu, Seoul, had completed all entry reservations by around 12:30 PM. Chanel also had waiting numbers in the 390s around 1 PM, with customers being informed that it was uncertain whether same-day entry would be possible. Since the beginning of this year, Hermes has increased prices of major products by 3-10%. Rolex raised prices by 8-16%, and Chanel, Louis Vuitton, Dior, and Goyard are also reported to be planning price hikes. However, the department store industry expects the 'open run' phenomenon to continue for the time being, as supply is much lower than demand.

Long lines also formed in front of 'Gordon Ramsay Burger' at Lotte World Mall in Songpa-gu over the weekend. Before opening at 10:30 AM, a long waiting line had already formed, and by around 11 AM, all reservations for about 200 groups were fully booked. Gordon Ramsay Burger, which officially opened on the 7th and welcomed its first weekend, positions itself as a high-end burger restaurant, with most burgers priced in the high 20,000 won to low 30,000 won range. The most expensive '1966 Burger' costs 140,000 won. During the pre-opening period, all time slots were fully booked within 30 minutes of opening reservations, reaching about 2,000 people. Most of those waiting in line belong to the MZ generation (Millennials + Generation Z).

Due to the ongoing 'revenge spending,' it is expected that department stores, along with online sales, will show strong performance in the first quarter of this year. An industry insider said, "With the resurgence of COVID-19 making overseas travel and attending performances still difficult, the 'revenge spending' trend centered on luxury goods is expected to continue for the time being."

This content was produced with the assistance of AI translation services.