[Exclusive] Sulbing Raises Bingsu Menu Prices by 1,000 Won Across the Board... 'Sneaky' Criticism

[Asia Economy Reporter Lee Seon-ae] Sulbing has raised the prices of its bingsu menu items by 1,000 KRW each. The average price increase rate is about 11%.

According to the industry on the 13th, Sulbing raised the prices of its bingsu menu items, including Sulbing, dessert, sides, and beverages, by 1,000 KRW as of the 10th. The price of Injeolmi Sulbing increased from 7,900 KRW to 8,900 KRW, Pat Injeolmi Sulbing from 8,900 KRW to 9,900 KRW, and Choco Brownie Sulbing and Cheese Sulbing from 9,900 KRW to 10,900 KRW, adjusting the prices of nine menu items. The prices of three set menus that include bingsu also rose by 1,000 KRW each.

A Sulbing representative explained, "Franchise stores have been struggling every year due to minimum wage hikes and inflation. Recently, the Sulbing National Franchise Association (Win-Win Council) requested the headquarters to raise prices, leading to this adjustment. We will continue to strive to provide better products and services to customers who visit Sulbing."

However, consumers are reacting coldly to the timing of the price increase. It is believed that raising prices during the summer bingsu season would provoke criticism, so the increase was implemented early in the year. Especially as many brands have recently raised prices, there is strong criticism that Sulbing quietly raised prices taking advantage of this timing.

Meanwhile, Sulbing faced criticism for raising prices ahead of the summer bingsu season for two consecutive years in 2017 and 2018. At that time in 2018, the Korea Consumer Organization stated, "Sulbing raised its average price by 3.8% in 2017 and then carried out a price increase of nearly three times that amount, 11.3%, targeting the peak summer season this year (2018). Although the sales per franchise store decreased by 0.9% compared to the previous year, the headquarters' sales increased by 22.8%, meaning the benefits of the price increase are going to the Sulbing headquarters rather than the franchise stores."