According to ‘Dollars and Sense’, branding is one of the key factors that have contributed to the exorbitant price tags of mooncakes. As with all other products that we purchase, we are not just paying for the product but also the brand. Just think about it, why do people queue up in line for hours and to spend a month’s salary on a useless brick at Supreme? All because the brick has the Supreme logo embossed on it. Same thing here. Premium mooncake brands from hotels and restaurants are capitalising on this and using their reputation to charge more.
The second factor is the attractive designs of the packaging for the mooncakes. Simply put, the more intricate the design and packaging, the more expensive it is. Businesses are able to justify the sky rocket prices of mooncake by claiming a lot of attention and workmanship go into the tiniest details of the design and packaging. The South China Morning Post reported that the packagings of mooncakes are so extravagant that it has become a gift for bribery in China. In 2004, a mooncake that came with a house key was sold at 310,000 yuan (~SGD $62,000), setting the bar for excessive extravagance in mooncake packaging. While the situation in Singapore isn’t that extreme, it is undeniable that the bulk of the cost of a mooncake comes from the packaging.
Thirdly, the Mid Autumn Festival isn’t like Christmas where you can buy someone any gift. The same can’t be said of Mid Autumn Festival. You can’t give someone chocolates or cookies as Mid Autumn gifts. There is simply no substitute for the mooncake, resulting in high demand. Businesses are able to charge higher prices knowing people are still going to buy from them since they have no other choice.
As a result of the exorbitant prices of mooncakes in recent years, many have resorted to making their own mooncakes or buying from online bakeries that sell at a lower price. While these are viable options for you, here is another tip that can help you get your premium mooncakes without feeling as much of a heartache.
This Mid Autumn Festival, join Partipost and perhaps participate in a campaign while enjoying the festivities! Partipost is a smartphone application that allows you to post on social media for brands you like and earn some money from it. You could use that extra cash this season to buy more of those expensive yet delicious mooncakes!
Happy Mid Autumn Festival Partiposters!
References https://dollarsandsense.sg/mooncakes-expensive-still-buy/https://www.scmp.com/business/money/spending/article/1049511/dark-side-mooncake