"10 Manwon per Bowl..." Why 20s and 30s Line Up for Mango Bingsu

2030 Generation Prioritizing Experience Boldly Opens Wallets for 'Small Luxury'
Hotel Mango Bingsu Priced 60,000~90,000 Won per Bowl Sells Like Hotcakes
"Must Guard Against Unsustainable Scale of Consumption"

Lotte Hotel Jeju Apple Mango Bingsu. Photo by Lotte Hotel Jeju

[Asia Economy Reporter Park Hyun-joo] The 20s and 30s generations are boldly opening their wallets for premium dining experiences. They willingly endure high prices and waits of one to two hours to enjoy luxury hotel mango bingsu or afternoon tea sets.

Experts analyze that this is because of an increasing consumption pattern called 'small luxury' among the 20s and 30s generations, where they indulge in small luxuries with modest spending to gain satisfaction. Some also view this trend as a rise in conspicuous consumption aimed at posting on social networking services (SNS).

Some luxury hotels in Seoul raised the price of apple mango bingsu this year considering rising ingredient costs, yet sales increased. This dispelled previous concerns that high prices might deter consumers. According to recent industry data, Four Seasons Hotel raised the price of its Golden Jeju Apple Mango Bingsu from 68,000 won last year to 96,000 won this year, a 41% increase. However, it sells more than five times as much as the 60,000 won black sesame cr?me br?l?e bingsu and seasonal fruit charlotte bingsu. Lotte Hotel Seoul also raised the price of apple mango bingsu from 60,000 won last year to 88,000 won this year, a 47% increase, but sales increased by 15% compared to last year.

The industry sees the popularity of apple mango bingsu as driven by the consumption tendencies of the experience-focused MZ generation (Millennials + Generation Z). The popularity of 'Afternoon Tea' sets, where tea is enjoyed with elaborate desserts, is also attributed to the same reason. As of the 18th, Instagram posts tagged with 'Afternoon Tea' and 'Afternoon Tea Set' number approximately 201,000 and 66,000 respectively.

The sales proportion of department stores for the 20s and 30s age groups reaches 30 to 40%. The photo is unrelated to any specific expression in the article. [Image source=Pixabay]

Professor Lee Eun-hee of Inha University’s Department of Consumer Studies said, "The increasing small luxury consumption among the MZ generation can be seen as a form of experiential consumption." She added, "With rising prices recently, the MZ generation feels a strong economic crisis. In such circumstances, they enjoy small but certain happiness to forget the harsh reality and anxiety."

Another reason premium dining culture is popular among the 20s and 30s is "to show off on SNS." Although they have to pay about 90,000 won for a bowl of bingsu, they willingly open their wallets to post photos on social networking services like Instagram. A survey conducted in June by the human cloud platform New Worker targeting 833 adult men and women found that 63% of respondents said their purpose for using SNS was "to show their trendiness."

The so-called 'Flex' (consumption display) has become one of the consumption trends among the 20s and 30s generations for the same reason. The 20s and 30s have grown into major customers for department stores. According to industry data as of the end of last year, the sales share of the 20s and 30s generation at department stores was 35.9% at Lotte Department Store, 41.2% at Shinsegae Department Store, and 43.4% at Hyundai Department Store.

However, Professor Lee warned against excessive spending. He said, "Along with the Bitcoin market crash and 'Youngkkeun' (borrowing to the limit to buy a house), current interest rates and prices are also rising. While it is good to enjoy small luxuries, communicate through SNS, and feel joy, it is not appropriate to engage in consumption beyond one’s means."

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