These days bungeoppang goes for 3 for 3,000 won, so getting 4 for 1,000 won is something to be thankful for.
At about 2 p.m. on the 5th in front of A bungeoppang street stall in Hyehwa-dong, Jongno-gu, Seoul. Graduate student Han Seohyun, 25, held a bag of bungeoppang in one hand and said this. The price per piece at this stall is 250 won. Han said visits three times a week. A moment later, a customer left the stall carrying in both hands a bag with 80 bungeoppang. That came to 20,000 won worth.
At the same time, B shop in Yeonnam-dong, Mapo-gu, Seoul, was a completely different scene. The signature item here is the "Dubai chocolate bungeoppang." The price per piece is 3,500 won. As groups of four to five customers crowded in, the kiosk screen soon showed "sold out." Customers who received freshly baked bungeoppang started eating right away inside the shop.
As winter begins, street snacks such as bungeoppang are bustling again. But as labor and materials and supplies costs rise, vendors' business strategies have split into "ultra-low-price, small-margin, high-volume" and "high-quality premium."
Even on weekday afternoons, five to six people line up at the A bungeoppang stall near Hyehwa Station, and on weekends, the queue reaches dozens. The secret is the price of "4 for 1,000 won." Considering that bungeoppang lately sells for 1,000 won per piece or 3 for 2,000 won at Seoul street stalls, it is pushing an exceptionally ultra-low price.
Kim, 60, the stall owner, hinted that to keep prices low, the batter is made in-house. Kim said, "Compared with before COVID-19, the costs of materials and supplies have effectively doubled," and noted, "If we make the batter ourselves, we can save about 30% on cost."
Instead of raising prices, turnover was increased. Two employees were assigned and tasks were divided. One bakes, and one bags. Only two varieties are sold: red bean paste and custard cream. Customers can buy only one flavor. That means you cannot buy, for example, four red bean bungeoppang and four custard cream bungeoppang together. Kim said, "To boost turnover, each slot in the bungeoppang griddle is fixed to a flavor, so there's no choice."
By contrast, B shop in Yeonnam-dong, Mapo-gu, chose the opposite strategy. The signature item is the Dubai chocolate bungeoppang priced at 3,500 won per piece. As Dubai chocolate gained popularity last year, a new menu using it was introduced this winter. In addition, items tailored to younger tastes, such as corn cheese or buldak, are sold in the 2,000–3,000 won range.
Owner Kim, in her 30s, said, "I wanted to break the notion that bungeoppang has to be cheap," and added, "The goal is to hear that even one is filling." The shop that chose a premium strategy has an average monthly winter sales of about 9 million won.
This polarization is not limited to bungeoppang. Other winter snacks such as hotteok and fish cake are also splitting into low-priced and premium types. Business strategies especially vary to match the price point.
Premium shops put effort into promotion to draw customers. C hotteok shop in Mangwon-dong, Mapo-gu, Seoul, sells "ice cream hotteok" for 4,000 won per piece. That is more than double the usual street stall hotteok price of 1,500–2,000 won.
The shop promotes business hours and new items through social media (SNS). Instead of a street stall, it is located in a building, and the interior is decorated like a cafe with bright lighting and yellow-and-white tones.
At about 6 p.m. on the 6th, two-thirds of the customers who came were in their 20s to 30s. Kim Jimin, 22, said, "I saw it on social media and came," and added, "It is expensive, but the hotteok is special compared with other places, so it's worth the trip."
Low-priced shops, on the other hand, focus on regulars. At about 6 p.m. on the 7th at D snack shop in Yongmun Market, Yongsan-gu, Seoul, a dozen or so customers holding 700-won fish cake skewers gathered in front of the shop. An employee, making eye contact with customers, said, "The ones on the left were just made, they're tasty," while handing out broth.
A regular at D snack shop, a person surnamed Yang, 39, who has patronized the place for 30 years, said, "My kids like mul-ttok, so we come twice a week," and added, "I've been coming since fish cake skewers were 500 won."
Still, despite different business strategies, they spoke with one voice about the rising burden of prices. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the previous day's retail price for 500 grams of domestic red beans used for bungeoppang filling was 12,585 won, up more than 40% in five years. In addition to materials and supplies such as flour and sugar, labor, gas and electricity bills have also risen.
Hwang Jinju, a professor of consumer studies at Inha University, said, "With rising cost burdens, vendors now need to choose whether to 'sell a lot cheaply' or 'sell less at higher prices,'" and added, "The coexistence of consumers who value cost-effectiveness and those who want special experiences is being reflected in the street snack market."