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| SNU consumer studies Professor Kim Nan-do speaks during a press conference for promoting the book "Trend Korea 2019" in Seoul, Wednesday. Courtesy of Miraebook Publishing Co. |
Best-selling author unveils consumer trend outlook for 2019
By Kwak Yeon-soo
Seoul National University (SNU) consumer studies Professor Kim Nan-do, in collaboration with the Consumer Trend Research Institute of SNU, has unveiled the 2019 consumption trend outlook which reveals the trends consumers should be aware of, opportunities for growth, and which markets are emerging.
"The upcoming year, 2019, is the Year of the Pig, a year often regarded as a symbol of good luck and fortune," Kim said during a press conference to promote his new book "Trend Korea 2019" in Seoul, Wednesday. "So we reported 'PIGGY DREAM' as the main catchphrase."
The term is made up of an acronym of 10 consumption trend keywords. Professor Kim and his team have reported on consumer keywords and published the "Trend Korea" series annually, and the year 2019 marks its 11th anniversary.
Already a best-selling author of "Youth, It's Painful," Kim has studied millennial behavioral trends and how industries should react to the evolving needs of the young generation.
Kim predicted "Play the Concept" as one of the trends for Korea in 2019. Consumers are interested in products that match buyers' self-concept. Brands and prices are secondary factors in their decision when choosing products to purchase.
Next is "Invite to the 'Cell Market.'" As mobile devices and social media are essential for millennials, influencers partner with businesses to create new products or sell them. Those who sell these products via their blogs and Instagram accounts are sometimes referred to in Korea as "sellsumers," a portmanteau of "sell" and "consumers".
Another rising trend is "Going New-tro." Often the term "retro" is meant to bring back nostalgia. But Generation Z also shows interest in throwbacks such as cassette tapes and vintage watches. By targeting them and reinterpreting past objects, businesses can promote their brand heritage and archives.
"Green Survival" is a much-debated trend, but Professor Kim claims that saving the environment is not optional anymore. It's a mandatory concern that is directly linked to human survival.
"You are my Proxy Emotion" trend represents how Koreans are vague in showing off their emotions. Living in a digitalized society, the general public is hesitant in expressing themselves, and so uses emoticons or images to represent their hidden feelings.
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| Book cover of "Trend Korea 2019" |
"Rebirth of Place" is a trend related to "Play the Concept." As the concept becomes an important factor in businesses, there is a growing opportunity for pop-up stores and experience zones. These chameleon-like features are growing attractions for businesses.
"Emerging Millennial Family" and "As Being Myself" trends may reach new heights through personalization. In his annual consumer trends forecast, Professor Kim shared that young mothers no longer sacrifice for their kids. Instead of cooking meals at home, mothers buy ready-made meals or prefer to eat out.
The last trend "Manner Maketh the Consumer" means society will take action toward protecting emotional labor in the future. Under this environment, a worker-customer-balance can be reached.
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