Value context and insight. lkm@koreatimes.co.kr
Coffee lovers frustrated by low-cost brands' price hikes
An inside of Mega Coffee in Seoul. Capture from internet
By Lee Kyung-min
Kim, an office worker in her 30s, was irritated when she saw that the price of a large Americano was going to be raised by 300 won ($0.2) at a coffee franchise she frequents.
“The price of everything is going up, including the cheapest kind of coffee,” she said.
The increase of 300 won may not seem that big of a deal at first, but the thought of spending about 6,000 won more every month frustrates her.
“Recently, the prices of fast food menu items rose, and so did the prices of a bag of snacks and a box of chocolates. Everything has increased except what I earn every month," she said.
"A cup of Americano every morning on my way to work was one sure thing that would keep me upbeat. But the thought of having to pay extra is not going to do the same trick.”
Kim is among many coffee lovers frustrated by the price hikes of low-cost coffee franchises.
Mega Coffee, operated by Mega MGC Coffee, said it plans to raise the price of a cup of Americano by 200 won to 1,700 won starting on April 21.
For larger cups, the increase will be 300 won. A shot of espresso will cost 100 won more.
This increase came 10 years after prices had remained unchanged.
The price hike is unavoidable due to the increase in global coffee bean prices, the coffee chain said.
“Most of our peers increased prices long ago, but we held out. We can’t do that anymore because of the input material cost surge," it said.
Twosome Place, Starbucks and Paul Bassett — a group of upscale coffee brands already hiked or are also planning to raise prices by about 5 percent.
The price of Nespresso capsules, which are used for Nespresso coffee brewing machines, also rose by 11.8 percent this year.