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Insight of the Day: From you only live once to you only need one: Korea’s thrifty Gen Y and Z

Summary: Young Koreans are adopting a more frugal lifestyle, prioritizing experiences over material possessions, due to economic pressures.

Findings:

  • Spending on dining out, coffee, and department stores has decreased among young Koreans.

  • Convenience store food purchases and investments have increased.

  • Experiences like travel and sports are still prioritized.

Key Takeaway: Economic pressures are driving a shift in consumer behavior among young Koreans, leading to more mindful spending and a focus on experiences.

Trend:  The trend is a shift from a YOLO (You Only Live Once) mindset to a YONO (You Only Need One) lifestyle, characterized by frugality and prioritizing experiences over material possessions.

Consumer Motivation: The primary motivation is economic pressure, including high inflation, low income growth, and a difficult job market.

Driving Trend: Economic challenges are the main drivers behind this trend.

Target Audience: The article focuses on young Koreans in their twenties and thirties.

Product/Service Description: The article examines spending patterns across various categories, including dining out, convenience store food, department stores, coffee shops, travel, and investments.

Consumer Age: The target consumers are young adults in their twenties and thirties.

Conclusions: Young Koreans are adapting to economic pressures by adopting a more frugal lifestyle, but they still value experiences.

Implications for Brands: Brands need to cater to this shift by offering affordable options, focusing on value, and creating unique experiences that appeal to young consumers.

Implications for Society: This trend could lead to a more sustainable and less materialistic society, with a greater emphasis on experiences and personal well-being.

Big Trend Implied: The big trend implied is a generational shift in values and priorities, driven by economic realities and a desire for a more fulfilling life.

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