$168 for box of mooncakes? Prices of Mid-Autumn Festival treats see more than 10% rise this year

With the Mid-Autumn Festival round the corner, don't be surprised if prices for mooncakes this year are as stratospheric as their name implies.

The traditional Chinese festival falls on Sept 29 this year, and according to Shin Min Daily News, the starting price for a box of mooncakes is more than 10 per cent higher than last year.

The most expensive, from what was seen at Takashimaya's annual Mid-Autumn fair, is a box of premium durian mooncakes priced at $168, Shin Min reported.

The Chinese daily had reported last year on how prices had increased by 20 per cent due to the burgeoning cost of raw ingredients. And it seems the trend of rising food prices isn't abating this year.

At the Takashimaya fair, mooncakes were going for at least 10 per cent more than last year, Shin Min reported.

One example cited were mooncakes from Fullerton Hotel which retailed at $78 last year, but is now priced at $90 — an increase of 15 per cent.

At Peach Blossoms restaurant, the price of a single-yolk white lotus mooncake has also risen by 12 per cent, from $85 last year to $95 this year.

According to Shin Min, traditional bakery Gin Thye Cake Maker's box of durian snowskin mooncakes were sold at a promotional price of $42.90 last year. And while there's still an ongoing promotion, it is now $47.90, marking a price increase of about 12 per cent.

Gin Thye has also launched a new gift set for the year — retailing at an eye-popping $168. It comprises four charcoal snowskin mooncakes made from Mao Shan Wang durians which come in a durian-shaped box. But the store is currently holding a 'buy one get one free' promotion for the $168 mooncakes at the fair.

Shin Min also noted that other merchants at the fair have been offering special promotions in order to attract customers.

A purveyor of durian specialties, Golden Moments is offering its Mao Shan Wang mooncakes at $128.80 per box, also with a one-for-one promotion.

According to Shin Min, it was selling its pandan snowskin mooncakes at $70.80 last year, but this has gone up to $80 even on promotion, with its regular retail price stated at $108. 

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One Golden Moments employee revealed to Shin Min that they have been able to sell 30 sets on weekdays and over 80 sets on weekends.

A manager at Chinatown's Tai Chong Kok, well-known for their traditional bakes and mooncakes, shared that prices have generally increased by 10 per cent, due to the cost of ingredients as well as the rise in the goods and services tax.

The manager added that while their regular customers have been understanding, some others have expressed how expensive their mooncakes are. However, the number of orders this year have remained comparatively stable.

A booth supervisor at the Home's Favourites stall in the Takashimaya fair also gave similar reasons for the increased prices, highlighting inflation as well as labour costs and the increased tax. She added, however, that customers can enjoy a 20 per cent discount on the mooncakes during the promotion period.

'Will still buy'

Customers interviewed by Shin Min appear to be undeterred by the high prices of mooncakes.

One fair-goer who's working in the finance industry expressed that despite mooncakes being more expensive this year, they would still buy them for the sake of gift-giving.

Another 28-year-old shopper, surnamed Tan, was quoted as saying: "It seems mooncakes are more expensive this year, many of them are in the three-figure range. But as the festival only comes round once a year, I will still buy."

However, Tan, a salesperson, indicated that he would consider the number of boxes he needs carefully, to ensure nothing goes to waste.

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candicecai@asiaone.com