"Is 80,000 Won Per Bowl Expensive?" Soaring Prices of Bingsu, Yet MZ Generation Still Seeks 'Hotel Mangbing'

'Hotel Bingsu' Season Begins
Prices Up to 30% Higher Than Last Year
One-Hour Wait for Limited Daily Serving

Industry: "Due to Rising Mango Prices"
Signature Menu to Boost Recognition
Using Quality Ingredients Is Essential

MZ Generation: "Don't Think It's a Waste"
Imprinted as a 'Summer Small but Certain Happiness Course'
SNS Certification Photos Also Popular

[Asia Economy Reporter Jeon Jinyoung] "They started serving Mangbing (mango shaved ice). Anyone want to go eat it?"

Office worker Heo Siwon (29) gathered friends on KakaoTalk as soon as she heard the news about the Jeju-grown apple mango shaved ice launch at Shilla Hotel Seoul. The group, who had gone to eat hotel shaved ice together last year, readily agreed.

This year, the Shilla Hotel mango shaved ice is priced at 83,000 won. Although there were complaints like "It'll soon be 100,000 won," the chat room quickly became lively as they picked out what to wear that day. Heo said, "I was surprised that the price rose by nearly 20,000 won compared to last year, but isn't it about taking photos, chatting with friends, and healing for a day in a good atmosphere? I can definitely invest this much in myself for one summer day."

May, when the weather starts to get hot, is the month when the hotel industry competes to launch shaved ice topped with various ingredients like mango. This year, most major hotels are introducing shaved ice at higher prices than last year, but its popularity among the MZ generation (Millennials + Gen Z) is unlikely to fade easily.

According to the hotel industry on the 12th, major hotel shaved ice prices increased by 15-30% compared to the previous year. Shilla Hotel's Jeju-grown apple mango shaved ice rose about 30% from 64,000 won last year to 83,000 won this year. Compared to 2019, before COVID-19, it jumped 53.7%. InterContinental Seoul COEX's mango shaved ice increased from 48,000 won last year to 57,000 won, and Grand Hyatt raised its price from 42,000 won last year to 55,000 won this year.

Chosun Palace, which set the highest hotel shaved ice price last year with its 98,000 won Shine Muscat shaved ice, is introducing Karahyang (a type of citrus) shaved ice in the 80,000 won range this year. Lotte Hotel plans to unveil theirs on the 16th and is currently finalizing the price.

The industry says this price adjustment is inevitable due to rising raw material costs. A hotel official said, "The biggest factor is the increased price of mangoes, the main ingredient. We had no choice but to raise prices due to overall domestic inflation and rising costs of supplementary materials like red beans and milk. Hotel shaved ice is a signature menu to enhance hotel recognition, so most use high-quality ingredients. It’s not a product with a large profit margin from the start."

According to the Korea Agro-Fisheries & Food Trade Corporation's agricultural product distribution information, the average wholesale price of 5 kg of mangoes this year is 41,000 won, up 6% from 38,600 won a year ago.

However, the popularity of mango shaved ice, especially among the MZ generation, is expected to continue for the time being. Going to a hotel to eat shaved ice has become a ‘summer small but certain happiness (sohakhaeng)’ course, where one fully treats not only oneself but also close people. The fact that hotels are the best photo spots for the MZ generation, who enjoy posting certification shots on social media, also plays a role.

Office worker Im, who went to eat hotel shaved ice with family last year, said, "The quality is definitely better than franchise cafes. Thinking of it as a ‘flex’ to go somewhere nice with family, I don’t feel it’s a waste at all."

Due to this popularity, Shilla Hotel’s mango shaved ice, limited to 200 servings per day, now requires waiting over an hour on weekends. For InterContinental, sales in the first week of May, when shaved ice sales started, increased by 50% at Seoul Parnas and 120% at COEX compared to the same period last year.

Experts see this purchasing behavior as reflecting the MZ generation’s emphasis on experiential consumption. Professor Lee Eunhee of Inha University’s Consumer Studies Department said, "For the MZ generation, it’s not just about buying and eating mango shaved ice, but highly valuing the experience consumption aspect of enjoying the hotel’s luxurious design and atmosphere. However, the purpose of showing off among the socially active MZ generation on SNS cannot be ignored."