Скачать или смотреть Luxury vs. affordable: Increasing divide in spending habits among holiday shoppers

한쪽은 플렉스, 한쪽은 가성비 연말 케이크부터 와인까지 소비 '양극화'

In Korea, a lot of couples and families will buy a cake for Christmas.
You can spend as much as you want on one of these cakes --or as little.
Some say, though, that the way cakes, wine and so on are being sold this year
highlights how the current economy is changing many people's spending habits.
Shin Se-byuck has this report.

What could be more perfect for an end-of-year get-together than a fancy decorated cake and a bottle of wine?

Luxury hotels present their finest cakes during the holiday season.
Prices can be as high as 250 thousand won or roughly 200 dollars.
Until last year, prices had been hovering around 100 dollars, but hotels have raised their prices in 2022, citing inflation.
Still, demand is booming, and some cakes sold-out in a few weeks, even a few days.
The whole world is coping with runaway prices, but there seems to be an exception in the high-end cake industry.

But now, there's a stark contrast: Cakes that cost one-twentieth of the hotel prices.
Convenience stores and supermarket chains now offer affordable cakes for those on a tight budget.
And they are not just ordinary cakes either. These cakes may have a unique design or be part of a special promotion.


"A major convenience store chain has a year-end-limited edition cake line-up that's in collaboration with a famous bakery in South Korea and at affordable prices."

The company explains that its cakes are a go-to option for frugal consumers.
"For this holiday season, we came up with affordable yet trendy cake ideas in collaboration with famous cafes and bakeries. There are also special promotions such as buy one get one free."

The growing divide in spending habits can also be found in other areas, such as wine.
On one side of the shelf, luxury wines are displayed, waiting for holiday shoppers to stock up for the party season.
On the other side, more economically priced options of half bottles of wine are available.

However, an expert explains this isn't just about the widening income gap amid rising inflation but rather about holiday shoppers budgeting based on their values.

"It's about where your values lie. If you want to cherish the moment and don't mind spending money on the once-a-year occasion, high-end cakes can be on your options list. If you are buckling under inflation but still want a memorable holiday celebration, you might consider buying cakes with affordable prices."

Shin Se-byuck, Arirang News.


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2022-12-22, 17:00 (KST)