Strawberry Prices Soar Due to Abnormal Weather
Some Bakeries Give Up Selling Strawberry Cakes
Hotel Products See Price Increase Over 30%
This year, due to abnormal weather conditions and other factors, strawberry prices have surged, increasing the burden on consumers. In particular, the prices of strawberry buffets at major hotels in Seoul have risen by nearly 30% within a year, making it even tougher for consumers' wallets ahead of Christmas.
According to the Korea Agro-Fisheries & Food Trade Corporation on the 8th, 2 kg of premium-grade strawberries were traded at 58,035 won at the Garak Market in Seoul as of the previous day. This is a 38.8% increase compared to 41,825 won a year ago.
The reason for the higher strawberry prices is a decrease in shipment volume compared to the previous year. Repeated heavy rains and heatwaves during the summer delayed the transplanting period (moving seedlings to the field), which reduced the shipment volume. Additionally, the aging of farming households and rising labor costs also had an impact. According to the Korea Rural Economic Institute, the strawberry cultivation area as of November decreased by 7% compared to a year earlier.
Because of this, some individual bakeries have given up selling strawberry cakes altogether. Small-scale bakeries find it difficult to reflect the increased costs in prices due to high consumer price sensitivity.
A customer is examining strawberries at the fresh produce section of a large supermarket in Seoul. [Image source=Yonhap News]
On the other hand, prices of cakes made primarily with strawberries at luxury hotels have already risen significantly compared to last year. The Lotte Hotel Seoul Delica Hans premium strawberry cake increased from 75,000 won last year to 85,000 won, and this year it rose by more than 10,000 won again to 98,000 won.
The strawberry shortcake at the Seoul Shilla Hotel Pastry Boutique rose from 80,000 won to 94,000 won, and the Westin Chosun Seoul Deli fresh cream strawberry cake increased from 85,000 won to 95,000 won.
Along with this, the prices of hotel strawberry buffets have also jumped. The prices of strawberry buffets at five-star hotels in Seoul, including Lotte Hotel Seoul, Banyan Tree Club & Spa Seoul, Seoul Dragon City, and JW Marriott Dongdaemun Square Seoul, generally increased by around 10% compared to last year. In particular, the 2024 season strawberry buffet at the Peninsula Lounge & Bar in Lotte Hotel Seoul saw the price for a general adult (January to April) rise to 115,000 won, a 29% increase from 82,000 won the previous year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
