"Should Have Gone Earlier": '200,000 Won Per Person' Era Begins as Hotel Buffet Prices Rise Again in the New Year

Triple Burden of Exchange Rates, Ingredient Costs, and Labor Expenses
Luxury Hotel Buffet Prices Rise Again in the New Year

Major luxury hotels in Seoul are raising their buffet prices one after another to mark the New Year. As high exchange rates, rising food ingredient costs, and increased labor expenses converge, hotel buffet prices have now entered the "200,000 won per person era."

Lotte Hotel Seoul 'La Seine'. Lotte Hotels & Resorts

Price Hikes from New Year's Day...Up to 6% Increase

According to the retail industry on December 31, Lotte Hotels & Resorts will raise prices at its Lotte Hotel Seoul 'La Seine' buffet starting on New Year's Day. The weekend dinner price will increase by 2.5%, from 198,000 won to 203,000 won, and the weekend lunch price will also be adjusted to 203,000 won.

The Westin Chosun Seoul's buffet 'Aria', operated by Chosun Hotels & Resorts, will also see its weekend dinner price rise by 4%, from 175,000 won to 182,000 won, while weekday lunch will increase by 6.6%, from 150,000 won to 160,000 won.

The Shilla Hotel Seoul's buffet 'The Parkview', operated by Hotel Shilla, has also joined the wave of price increases. Starting March 1 next year, the adult price for weekend dinner will rise by 5%, from 198,000 won to 208,000 won. Four Seasons Hotel Seoul's 'The Market Kitchen' will also raise its weekend dinner price by 2%, from 195,000 won to 199,000 won.

Exchange Rate, Cost of Goods, and Labor Expenses Accumulate... '1 Million Won Dining Out' Becomes Reality

With major luxury hotel buffet prices rising across the board, it is becoming a reality for a family of five adults to spend well over 1 million won just on weekend dinner at these buffets.

The hotel industry claims that price increases are unavoidable. They explain that since many key ingredients used in hotel buffets-such as beef, seafood, cheese, and butter-are imported, they are directly affected by the rising won-dollar exchange rate. In addition, the cost structure has significantly worsened due to higher ingredient prices caused by inflation, increases in the minimum wage, and the added burden of labor expenses resulting from competition to secure staff.