Why Are Tteokbokki Prices Like This... 2,000 Won Range Is a Thing of the Past, 20,000 Won Range Is Common [Chosun Price Records]

(31) Tteokbokki Priced Around 20,000 Won Abundant
10,000 Won Yeopgi Tteokbokki Gains Fame Through YouTube Mukbang
Surge in 20,000 Won Tteokbokki Brands
Now Yeopddeok Feels Relatively Cheap

The price of tteokbokki, a representative national snack, is soaring. Rising labor costs and food material prices are being reflected in food prices, and with franchise brands adopting premium strategies, it has become common to see tteokbokki menus priced in the 20,000 KRW range.

The price of tteokbokki, a representative popular snack, is soaring. [Image source=Getty Images]

According to the National Statistical Portal of Statistics Korea on the 5th, the consumer price index for tteokbokki by item was 102.95 in 2021, 112.90 in 2022, and 121.96 in 2023, showing an increase every year. This year, the upward trend continued with 126.33 in the first quarter and 128.88 in the second quarter. The increase rate from 2020 to the recent quarter is about 29%. Compared to the overall consumer price index increase of 14% during the same period, the rise in tteokbokki prices is more than double.

The signature menu of the franchise Cheongnyun Dabang, 'Bulhyang Chadol Tteokbokki,' is priced at 17,500 KRW (serving about 2-3 people), and the representative menu of another franchise, 'Baedduk,' Rose Tteokbokki (serving 3-4 people), is 19,000 KRW. By adding meat, cream, and diversifying the menu, franchises have adopted premium strategies, raising the price of single items. When ordering set menus that combine tteokbokki single items with drinks and side dishes at franchise stores, prices mostly rise to the 20,000 KRW range. This is why consumers feel that tteokbokki prices have become expensive.

An analysis revealed that the price increase of Tteokbokki is more than twice the overall inflation rate.
[Image source=Pixabay]

'Dongdaemun Yeopgi Tteokbokki' (Yeopddeok) is known as a representative brand that transformed the national snack tteokbokki, which used to be eaten at small neighborhood shops for 2,000 to 3,000 KRW per serving, into menus priced between 10,000 and 20,000 KRW. The price of its signature menu, 'Yeopgi Tteokbokki,' was 10,000 KRW in the mid-2000s and 12,000 to 14,000 KRW in the 2010s. It emphasized large portions enough for 3-4 people, setting a high price for single items.

'Yeopddeok,' once the leading 'expensive tteokbokki'... now known for cost-effectiveness

Despite the perception that the 'Yeopddeok' brand is somewhat pricey, it gained popularity among young people. Subsequently, new franchises entering the tteokbokki market used it as a benchmark to set prices in the 10,000 to 20,000 KRW range. 'Yeopddeok's heyday was sustained by the popularity of YouTube 'mukbang' (eating broadcasts) and the emergence of delivery apps, which made franchise tteokbokki delivery easier. Early YouTube mukbang channels favored eating spicy and stimulating foods, and 'Yeopddeok' became well-known for its spiciness, making it a popular content choice.

Tteokbokki, which had a strong image as an affordable popular snack [Image source=Getty Images]

As the price range of tteokbokki, once known as an affordable national snack, surged, complaints arose that 'Yeopddeok' raised the overall tteokbokki prices. This is similar to the backlash consumers had when Kyochon Chicken officially introduced delivery fees in 2018, marking the era of 20,000 KRW per whole chicken, followed by other chicken franchises charging delivery fees one after another.

However, 'Yeopddeok' has kept the price of its basic menu (14,000 KRW) frozen for 12 years through this year. It offers various discounts such as app purchase discounts, 3,000 KRW off for takeout, and 2,000 KRW off for dining in. As more franchises price their menus higher than 'Yeopddeok,' consumers now perceive 'Yeopddeok' prices as relatively affordable. Shedding its 'expensive' image, its popularity continues to rise. According to the Financial Supervisory Service's electronic disclosure system, the sales of Hot Seasoner, the operator of 'Yeopddeok,' increased annually from 58.9 billion KRW in 2020 to 72.2 billion KRW in 2021, 82.2 billion KRW in 2022, and surpassed 100 billion KRW last year, reaching 108.4 billion KRW.