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Letter From Seoul
Bingsu-flation: Why South Koreans are willing to pay $150 for a bowl of ice kacang
Despite steep prices, the seasonal dessert remains popular because of the ‘lipstick effect’, say economists.
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Rafre Fruit cafe’s owner Park Sung-woo uses peaches sourced from the country’s top peach-producing province for its peach bingsu.
ST PHOTO: WENDY TEO
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- "Bingsu-flation" hits South Korea as shaved ice dessert prices surge, with luxury versions exceeding 100,000 won due to rising ingredient costs and extreme weather.
- High prices reflect premium ingredients, hotel ambience, and social status, similar to the "lipstick effect," making luxury bingsu an accessible indulgence.
- Some cafes offer quality bingsu at lower prices by focusing on ingredient quality, while others opt for DIY versions to save money.
AI generated
SEOUL - Imagine paying $150 for an ice kacang.
While Singaporeans can beat the heat with an icy treat that costs around $3 on average, South Koreans are paying so much more for their version of the shaved ice dessert than before that they have coined a new term: bingsu-flation.
