[Luxury World] Hermes of the Bingsu World Loses Momentum... Affordable Mango Bingsu Gains Popularity

Signiel's 130,000 Won Bingsu Sales Increase,
But Nearly 100,000 Won Hotel Mango Bingsu Popularity 'Fades'

Shift from Showy to Practical Spending
Twosome Place & Paris Baguette Mango Bingsu Sales Up Year-on-Year

The hotel apple mango shaved ice (Aemangbingsoo), which previously required reservations or waiting in line for over an hour to enjoy, is showing lower-than-expected sales this year. Major hotels in Seoul are offering shaved ice priced between 70,000 and 130,000 KRW, but except for the most expensive 130,000 KRW shaved ice and those with a reasonable price around 70,000 KRW, sales have not increased. Given the prolonged economic downturn and high inflation, it is analyzed that consumers' wallets are tightly closed when it comes to enjoying mango shaved ice at hotels.

Seoul Shilla Hotel Apple Mango Bingsu.

According to the hotel industry on the 4th, Signiel Seoul's 'Signature Jeju Apple Mango Shaved Ice' sold about 20% more compared to the same period last year (June 1 to July 28). This shaved ice is the most expensive mango shaved ice among major hotels in Seoul, priced at 130,000 KRW. Last year's price was 127,000 KRW. Although it was about 2.4% more expensive than the previous year, sales volume increased.

This shaved ice is sold at The Lounge on the 79th floor of Signiel Seoul, which offers a view of downtown Seoul. It features Jeju-grown apple mango, chocolate shaped like apple mango, and mango pearls on top. Handmade red beans and mango sherbet, which can be enjoyed alongside the shaved ice, are also provided. A hotel official said, "We do not take reservations separately," adding, "Demand is quite high on weekends and during vacation seasons these days, resulting in a waiting time of about an hour."

Andaz Seoul Gangnam's 'Mango Shaved Ice' also saw a 30% increase in sales during the same period. It is sold on the 2nd floor of Andaz Seoul Gangnam Hotel at Jogakbo Bites & Wine, priced at 75,000 KRW. This is about half the price of Signiel's. Due to its relatively affordable price, it is regarded as a cost-effective 'good shaved ice' among consumers enjoying hotel shaved ice.

However, during the same period, sales of shaved ice at other hotels were similar to or lower than last year. The Four Seasons Hotel's 'Jeju Apple Mango Pavlova' showed sales similar to last year, and the Grand InterContinental Seoul Parnas' 'Jeju Apple Mango Shaved Ice' and Westin Chosun Hotel's 'Apple Mango Shaved Ice' were the same. Seoul Dragon City’s 'Mango Shaved Ice' and Lotte Hotel Seoul’s 'Jeju Apple Mango Shaved Ice' are estimated to have slightly decreased sales compared to last year. Previously, the amount of mango available was limited, so without a reservation, customers could not even see the mango shaved ice, but now visits without reservations are possible. Another hotel official explained, "It is perceived as an expensive dessert, so the atmosphere of lining up as before is no longer present," adding, "However, as the weather gets hotter, sales are expected to increase."

Mango shaved ice is a representative menu in the hotel industry. It started in 2007 when Jeju Shilla Hotel first sold shaved ice with Jeju-grown apple mango, and it gained great popularity for its luxurious taste, prompting major hotels including Shilla Hotel Seoul to follow suit. Thanks to its long history and tradition, mango shaved ice has been called the 'Herm?s, Chanel' of the shaved ice world, representing small luxury.

However, as prices have risen due to inflation, sales have decreased mainly for mid-priced shaved ice. Consumers feel burdened spending on shaved ice priced close to 100,000 KRW amid reduced consumption. The price of shaved ice reflects labor costs, Jeju apple mango prices, and service fees, and with rising labor costs and mango prices, three hotels have priced their shaved ice over 100,000 KRW this year.

The shift from conspicuous consumption to practical consumption among MZ (Millennial + Gen Z) generations is also a reason for the decline in hotel shaved ice consumption. In the past, young consumers considered posting photos of mango shaved ice enjoyed at hotels on social media as a trend. Nowadays, when searching for mango shaved ice on social media, posts sharing cafes or restaurants selling shaved ice products of quality comparable to hotel mango shaved ice appear first. Franchise cafes and bakeries such as Twosome Place and Paris Baguette have actually seen a significant increase in sales this year. Twosome Place’s apple mango shaved ice sold about 300,000 cups in the past two months, reaching about 120% of last year’s sales. Paris Baguette’s shaved ice sales last month increased by about 50% compared to the previous year.