On the morning of the 30th, a limitless pork cutlet restaurant in Seodaemun, Seoul. Here, for just 12,000 won per person, diners can eat as much pork cutlet and rice as they want. As lunchtime approached, the 36-seat restaurant was filled with customers who appeared to be office workers. More than 15 people were lined up waiting to be seated.
At a similar time, a limitless tteokbokki restaurant near Chungjeongno in Seoul also achieved the 10,000 won benchmark. Here, for 10,900 won, customers can freely cook and enjoy tteokbokki. An office worker, Yoon (38), who visited the restaurant, said, "It is hard to find places in this area that offer menu items around 10,000 won these days. However, here the value for money is excellent, so I frequent it."
During the pandemic, there was a shift in consumer perception, where 'if I’m going to eat out, I want to do it right,' leading to a rise in the popularity of Omakase menus that utilize high-quality ingredients. In contrast, this year the trends in the dining industry have centered around keywords like limitless refills and ultra-low prices. Limitless refill restaurants and mid-range buffets, which were popular until the early 2010s, are gaining attention again due to rising prices and the overall increase in expenses in the dining industry.
According to BCcard on the 31st, from 2020 to 2024, annual average card sales at limitless refill restaurants and mid-range buffets within the domestic restaurant industry increased by 1.1%. Meanwhile, the number of sales transactions decreased by 1.6%. However, high-end buffets recorded an annual average increase of 8.9% in sales and 10.2% in transaction numbers, showing significant growth.
Looking solely at this year, there has been a change in this atmosphere. According to a survey by the market research firm Embrain, the usage rate of limitless refill restaurants and mid-range buffets in the first half of this year is 24% higher than the average during the first half of 2022, when the pandemic was nearing its end (January to June). According to Naver Data Lab, keyword searches for limitless refills recorded their highest volume in a year on the 25th, the day of Christmas. The search volume in December was more than double that of January.
In the past, limitless refill restaurants and mid-range buffet restaurants that offered a variety of foods at low prices were very popular. Major food corporations like CJ Foodville, Shinsegae Food, and E-Land Eats also launched their respective brands and entered this market consecutively. However, as the dining industry shifts to emphasize psychological satisfaction (psychological satisfaction compared to price) rather than value for money, the number of consumers seeking limitless refill restaurants and mid-range buffets has decreased.
However, as dining prices have soared this year, limitless refill restaurants and mid-range buffets have begun to regain attention.
Myungnyun Jinsagalbi, which is expanding its business with a limitless rib strategy, opened 138 new franchise stores in the past year after undergoing a brand overhaul in August 2022. Combined with this year, they have opened more than 160 new locations over the two years. The total number of stores has surpassed 600. Myungnyun Jinsagalbi does not lag much behind other specialized pork rib restaurants in meat quality but has a 120-minute time limit. This time limit reduces visitors' meal time, increases turnover, and allows for a reduction in store size.
The buffet Ashley Queens, operated by E-Land Eats, reported a 69% increase in revenue in the first half of this year compared to the same period last year. The number of Ashley Queens locations also significantly increased from 65 in 2021 to 93 this year. Recently, the chicken franchise BBQ opened the nation’s first buffet restaurant in Bucheon, Gyeonggi Province, allowing customers to eat chicken freely, entering this market. Additionally, looking at brands registered with the Fair Trade Commission as dining franchise businesses, new menu items such as freshwater eel, large intestines, grilled intestines, clams, and salmon are emerging.
◇ Consumers feel increased burden of dining and delivery costs
People in the dining industry believe that consumers, facing increased burdens from dining and delivery costs, are turning to limitless refill restaurants and mid-range buffets. According to the Korea Consumer Agency, the average price of eight representative dining items in Seoul in December of this year has risen by nearly 30% compared to January of last year. Gimbap increased from 2,769 won to 3,500 won, a 26% rise. Jajangmyeon also jumped from 5,769 won to 7,423 won, a 28% hike. One serving of pork belly (200 g) exceeded 20,000 won. Naengmyeon also significantly surpassed 10,000 won.
Experts in the dining industry predict that the popularity of limitless refills and buffet restaurants will likely continue for a while, drawing on past examples like the International Monetary Fund (IMF) financial crisis and the global financial crisis. However, some experts noted that even amidst high inflation, it is essential for limitless refills and buffets to develop menus tailored to local consumers, strengthen sustainable and eco-friendly operational strategies, and enhance regionally customized marketing to capture consumer interest and establish brand identity.
Kim So-hyung, a consultant at Davis & Company, said, "In Japan, which experienced long-term economic recession before us, consumption focused on value for money has continued for over 20 years since it began in the early 2000s. The core of the value for money strategy is not merely lowering prices but improving quality to enhance customer satisfaction by saving on production costs, which restaurants must keep in mind."