Korean Diners Face Sticker Shock as Dollar-Priced Menus Soar Amidst Weak Won | Seoul Restaurants & Imported Seafood Costs

Koreans Experience U.S. Dollar Sticker Shock on Menus at Home

Diners in South Korea are increasingly encountering the financial reality of a weakening won without ever needing to leave their home country. A growing trend among certain high-end restaurants in cities like Seoul sees menu items priced directly in U.S. dollars, transforming what might once have been an affordable luxury into a significantly costlier outing for local patrons.

The Currency Conundrum: Dollar Menus vs. Weak Won

The practice of listing prices in U.S. dollars means that as the South Korean won depreciates against the greenback, the actual cost in local currency inflates. For instance, a buffet priced at $110, which might have equated to roughly 130,000 won a few years ago, can now easily exceed 160,000 won, pushing it closer to 200,000 won on some days. This creates a palpable "sticker shock" akin to what one might expect when dining in an expensive American city like Los Angeles, but felt right within Seoul.

Notable establishments adopting this pricing model include popular seafood buffets such as Viking's Wharf, renowned for its $110 offering, and Crab52, where dinner can reach $200 per person. Even newer ventures like Noryangjin101, an upscale restaurant that opened recently in Seoul’s bustling fish-market district, have followed suit with dollar-denominated prices. The common thread among these establishments? They largely belong to the same parent company and heavily rely on imported seafood, whose acquisition costs are inextricably linked to global market prices typically denominated in U.S. dollars.

Business Strategy Amidst Economic Shifts

Despite the won's consistent weakening, the parent company behind these restaurants has continued to expand, launching new venues like Noryangjin101 with the same dollar-based pricing structure. This expansion suggests that, for the businesses, the model remains viable and continues to attract a segment of the clientele, even as the rising won-equivalent costs become more apparent to diners.

Mixed Reactions from Korean Consumers

The noticeable surge in prices has sparked lively discussions online. Some Korean consumers express resignation, acknowledging that such price fluctuations are an inevitable consequence of global currency swings, especially for businesses dependent on international imports. Others, however, voice frustration, feeling that dollar-denominated menus are increasingly out of touch with local spending power and create an unfair burden.

"It used to be closer to 100,000 won a few years ago, but now it’s closer to 200,000 won," one commenter shared on a Naver blog. "It feels like I’m paying L.A. prices in Seoul."

Expert Perspective: A Double-Edged Sword

Industry experts often defend this pricing strategy for import-heavy businesses, highlighting its logical basis. When the won is strong, such dollar pricing can even make these restaurants appear more competitive. However, with the U.S. dollar currently enjoying some of its strongest levels in years, the disparity between the fixed dollar price and the escalating won cost has become significant enough to catch the attention — and the wallets — of local diners. What was once a relatively stable exchange for a $110 meal now fluctuates dramatically, making dining out a more unpredictable and often more expensive experience for many Koreans.