By Jane Han
Staff Reporter
When the five funky girls of popular group 4 Minute shout, "Every little thing about me becomes a hot issue. I'm always hot, hot, hot," they're singing more than a song, says Kim Rando.
"They're representing a change in South Korea," the consumer studies professor at Seoul National University and renowned local trend expert said in an interview with The Korea Times, Wednesday.
He explained that the self-loving lyrics chanted by many of today's rising stars are a small piece of a bigger indication that modesty is no longer a virtue among Koreans.
"The younger generation is neither self-conscious nor afraid to express confidence," said Kim, who identified "self-holic" as South Korea's latest cultural code.
This is a drastic change from the past when people chose to be humble rather than boastful. But he said the trend is only natural.
"The growing individualization permeating through the society is what's fanning people's behavioral and ideological change," said Kim.
Men and women used to identify themselves through their workplace, school or organizations of which they were a part, but not anymore. They now define themselves simply through their own identities, he said.
An increasing number of one-child households is one of the biggest factors contributing to the individualization as children, who are often raised alone, get showered with all kinds of treats.
"Even adults are now becoming more independent and individualized," said Kim, who exemplified the growing variety of post-retirement financial products and services as a sign that more senior citizens want to be self-sufficient, instead of relying on their children.
So what do all of these changes mean to the economy? A bottom-up transformation of the way people spend, said Kim, who also heads Seoul National University's Consumer Trend Research Institute.
"Self-holic individuals like to use money on only themselves," he said, explaining that this expanding consumer group will help boost the luxury and other self-indulgent goods markets.
The upbeat lifestyle of the up and coming generations will likely shorten the lifespan of any trend, but that's the way Korea is, says Kim.
"Korea is extremely trendy," he said, "and the reason is because Koreans have a tendency to make their purchase decisions based on other people's perceptions."
Kim said people don't buy to satisfy themselves, but to catch up with others as consumption has "become an extension of another status competition."
"Compared to Korea, trends don't have as big of an impact in the U.S. because the land is bigger and people are less conscious of others," said Kim. "Here, everything spreads in the blink of an eye."
The published author, who recently wrote a new book, "Trend Korea 2010," forecast that a countless number of new trends will change the way people eat, spend, play and live in the coming years. But among many to come, he highlighted a few that will have a lasting impact.
Family ties will wither as individuals begin to find more interest in "functional relationships" that satisfy their needs, said Kim. For example, a person who enjoys skiing will seek a club comprised of other skiers to spend time with.
"We'll be seeing relationships that are diverse, but a lot shallower," he said.
The concept of post-retirement will change significantly as well, Kim predicted.
"Expect to see elders who are much more dynamic and healthy," he said, adding that grandmothers and grandfathers will be seeking active "second lives" after their retirement.
Regardless of age and gender, people will shift toward personal economies that are centered on themselves. "Egonomy" is the way Kim labels the trend.
"It's now up to the companies that sell all sorts of products and services to take advantage of this new tendency," he said.