Honey Butter Chip - sorry, sold out!
Getting hold of Honey Butter Chip packs is becoming increasingly difficult as demand far exceeds supply amid the growing popularity of the snack. / Korea Times file photo
By Park Si-soo
A hand-written memo posted at the entrance to a convenience store in Gangnam, southern Seoul, Wednesday, reads: “Honey Butter Chip sold out!”
“It may be one of the most difficult products to buy these days,” a clerk said. “We had five packs of Honey Butter Chips in the morning, but a customer who found them first bought them all.”
He said it was hard to tell when and how many packets the store would have for sale.
There is no doubt that the honey and butter-flavored potato chip is a phenomenon.
The product has been flying off the shelves across the country since it was launched in August, causing chronic shortages at numerous stores, according to Haitai Confectionery and Foods, the nation’s second biggest confectionary company.
Haitai officials said the company was producing the snack around the clock, but simply had not been able to keep up with demand. The company has no immediate plan to increase production capacity because it fears the sensation may be short-lived.
The months-long obsession has even prompted conspiracy theories about how the chip has become so popular. One theory is that Haitai has deliberately sold out of the product to stoke more demand. The company denies such allegations.
Those who hoarded the chips ㅡ by luck or not ㅡ are selling them at greatly marked-up prices on eBay and other e-commerce websites ㅡ the regular price of a 60-gram bag is 1,500 won ($1.36), but a posting on eBay is asking for $50.
Rep. Kim Moo-sung, who leads the ruling Saenuri Party, was suspected of having abused his power early this week after visiting border guards with boxes of gifts Sunday including 50 bags of Honey Butter Chip.
“It’s impossible to secure that quantity these days without wielding political power,” a Twitter message read. Kim’s aides said they had combed numerous convenience stores and marts to collect the chips.
K-pop singer Kim Yeon-woo was embroiled in a bigger controversy after announcing that he had stocked a staggering 3,000 bags for the audience at his Christmas Eve concert in Seoul.
In the latest development, a so-called “Honey Butter Chip-hunting” smartphone app was launched recently, making it possible for its users to monitor availability at adjacent convenience stores ㅡ within five kilometers ㅡ on a real-time basis. Nearly 1,000 people had downloaded the app as of Wednesday.
It is obvious that Haitai is the biggest beneficiary of the nationwide obsession. Sales of the chips have gone through the roof. Accumulated sales of the product reached 13.6 billion won ($12.32 million) as of the end of November. That is about 3 billion won a month in an industry where 1 billion won in monthly sales is a marker of success for a new product.
The accumulated sales are expected to reach 20 billion won by the end of the year, according to the company. At this pace, the chips will grow into a “blockbuster” product, raking in up to 50 billion won in sales next year, officials said.
Rival companies recently launched emulated products to cash in.
Haitai spokesman So Sung-su attributed the jackpot to an “optimal combination of salty, sweet and buttery tastes that suit the palate of many Koreans.”
The state fair trade regulator said Wednesday it was taking a close look at the product’s supply and demand to crack down on any unfair business practices.