'Year-end Cakes Are a Must, But Meat Gatherings Are a Bit Tricky'... Laughing and Crying Over Small Special Events

Christmas and Year-End Party Cake Orders Up
Year-End Gatherings and Company Dinners... Restaurant Group Reservations Down

With Christmas just a week away, bakery cafes selling cakes are enjoying a significant year-end boom. On the other hand, due to high inflation and the emergency situation, many consumers are opting for small family gatherings instead of year-end parties, causing a chill in the restaurant and dining industry.

Due to the chaotic political situation following the president's announcement of martial law, the streets of Myeongdong in Jung-gu, Seoul, appeared quiet on the 13th. Photo by Kang Jin-hyung

According to AhaTrend, a consumer big data research firm, the number of cake searches has been soaring, with 69,100 searches in September, 78,840 in October, and 102,400 in November. This indicates that consumers are increasingly looking for year-end cakes early.

Hwang (32), the owner of a bakery cafe in Dongseon-dong, Seongbuk-gu, Seoul, said, “Year-end cake reservations were fully booked two weeks ago. I was surprised because it sold out much faster than last year.” Lee (30), the owner of a bakery cafe in Sinjeong-dong, Yangcheon-gu, Seoul, also said, “I was worried because of the current social atmosphere and rising prices, but it was an unnecessary concern. Since December started, inquiries for year-end and Christmas cake orders have been nonstop, and it’s been hectic.”

Meanwhile, due to high inflation and the unstable emergency situation, demand for year-end group dinners has decreased, leaving self-employed workers in the dining industry distressed. According to a survey conducted by Embrain Trend Monitor on 1,000 adults aged 19 to 59 nationwide, 61.5% responded that year-end gatherings feel financially burdensome due to rising prices. Additionally, 44.1% said they plan to refrain from year-end gatherings because of political instability. Furthermore, 78.7% of respondents said they want to spend the year-end with their families.

Kim (45), the owner of a chicken specialty restaurant in Dangsan-dong, Yeongdeungpo-gu, Seoul, expressed his difficulties, saying, “I thought things would improve after the large-scale protests in front of the National Assembly ended, but there’s no significant change. It feels like people are not dining out at all, let alone enjoying the year-end boom.” Song (29), a manager at a barbecue restaurant, also lamented, “Usually, there are many group reservations for year-end parties, but this year, group bookings have almost completely stopped.”

Professor Choi Cheol of the Department of Consumer Economics at Sookmyung Women’s University diagnosed, “The economy was already difficult, but on top of that, recent political instability and uncertain variables have led consumers to strictly control their spending and consumption. Since this coincides with periods like year-end, New Year’s, and Lunar New Year when spending usually increases, it is expected to cause a significant blow to self-employed sales.” He added, “Political stability is needed, and the government must focus on economic recovery, revitalization, and stabilizing people’s livelihoods.”