More consumers are exploring cost-effective ways to satisfy their cravings, including frying chicken at home. (Image courtesy of Yonhap)
SEOUL, May 23 (Korea Bizwire) – South Koreans are feeling the pinch with major chicken franchises raising prices, bringing the era of the 30,000-won chicken bucket closer to reality – a scenario foreshadowed by BBQ Group’s chairman Yoon Hong-geun back in 2022.
With dining costs already soaring, more consumers are exploring cost-effective ways to satisfy their cravings, including frying chicken at home.
On May 22, as news of price hikes swept through major cafes and other venues, online communities buzzed with tips on how to score affordable chicken.
Lists of renowned chicken joints that offer discounts for takeout orders circulated, alongside recommendations for chicken meal kits and strategies to purchase discounted chicken gift cards – all under the banner of “The Commoners’ Approach to the 30,000-won Chicken Era.”
The prevailing sentiment, however, is that cooking chicken at home offers the most economical solution.
By investing the cost of a single chicken order into multiple meal kits and utilizing air fryers or other appliances, consumers can conveniently and economically prepare several portions, storing extras in the freezer.
This trend is reflected in the rising sales of convenient, home-cooked chicken products. CJ Cheiljedang, the nation’s leading food company, announced that the sales of its two seasoned Gourmet Sobaba Chicken varieties launched in March surpassed 3 billion won within just two months.
This product line is a follow-up to the company’s Gourmet Sobaba Chicken Soy Honey flavor, introduced last year.
Genesis BBQ, a leading chicken franchise, recently announced a price hike for its popular Golden Olive Chicken. The recommended retail price will see an increase of over 10 percent, with the Golden Olive Chicken Combo rising from 24,000 won to 27,000 won. For customers opting for delivery without any discounts, the price could reach as high as 30,000 won. (Image: Genesis BBQ)
According to CJ Cheiljedang, the overall sales of the Sobaba Chicken line increased by 88% compared to the same period last year following the launch of the new products, with the Soy Honey flavor also seeing a 44% surge.
Consequently, CJ Cheiljedang’s chicken category revenue for the first quarter of 2024 grew by 2.5 times compared to last year.
“Consumers have responded positively as these products allow them to enjoy restaurant-quality chicken at home with just 10 minutes of air frying,” said a CJ Cheiljedang official.
“As the burden of dining out has increased, sales of reasonably priced alternatives for home consumption are rising sharply.”
Leading the recent wave of price hikes, Genesis BBQ, the chicken franchise with the most outlets in South Korea, raised the price of its Golden Olive Chicken from 20,000 won to 23,000 won starting May 23, marking an average 6.3% increase across 23 products.
Ordering the 27,000-won Golden Olive Chicken Combo, including delivery fees, now costs consumers around 30,000 won.
According to CJ Cheiljedang, the overall sales of the Sobaba Chicken line increased by 88% compared to the same period last year following the launch of the new products, with the Soy Honey flavor also seeing a 44% surge. (Image provided by CJ Cheiljedang)
Last month, Goobne increased the prices of nine chicken items by 1,900 won each, while Puradak Chicken also hiked the costs of individual chicken items and other chicken sets by 1,000 won.
Ashley Song (ashley@koreabizwire.com)
