By Yoon Ja-young
The New Year has come, but the economic outlook isn't very positive. Kim Nan-do, a consumer studies professor at Seoul National University, says Korea is like a ship facing a "perfect storm." The ship engine has broken down and there is no captain or any lifeboats.
He suggests some trend keywords that will lead Korea's consumption.
YOLO, No One Backs You Up
He cited "YOLO Life" as the most notable keyword leading consumption, along with "No one backs you up."
"These two are like the two sides of the coin showing how people perceive the current era. They have no one to count on except for themselves. Such desperateness comes as a YOLO Life, a consumption that highly values the present."
YOLO, which stands for "you only live once," is a motto that one should enjoy, love and learn without regret.
"In the past, a future-oriented paradigm prevailed. We saved a lot, preparing for tomorrow. Now, more people cherish the joy of the present. YOLO means being willing to spend for good experiences such as travel."
The professor said the trend reflects reality. In the era of low growth, low inflation and low interest, investing in the future isn't as meaningful as before. Many people thus opted to concentrate on the present.
User Experience Matters
Also notable is that people have come to value sharing more than possessing, and find experience more valuable than ownership.
For these people, it is only bothersome to possess something. The trend is reflected in minimalism. Moreover, they are satisfied when they dump their belongings.
"Today, people buy something every day. What they are buying starts to pile up. Some people concentrate on dumping old possessions to purchase new things, while others focus on the psychological satisfaction they get from dumping," Kim notes.
Now, products or services alone cannot enchant consumers. Providing unforgettable experiences matters for all. He says the popularity of "Pokemon Go" last year reflects the trend. The game made Americans, who are not very fond of walking, willingly walk 144 billion steps, equivalent to 143 trips to the moon.
Era of sales, B+ premium
Many experts had expected salesmen to disappear amid changes in the business environment. In this era of cutting-edge technology, everything is done with a click or a touch. Ironically, however, face-to-face sales have become more important than ever, according to Kim. As distribution channels diversify and competition heats up among channels, "how to contact consumers" has become the biggest issue for businesses.
"Online and mobile platforms enable consumers to avoid meeting businesses face to face, and salesmen have become the only contact point for them," he noted.
Kim also expects that value added to ordinary products, which he calls B+ premium, will be a leading trend of the year. A ballpoint pen by local manufacturer Monami, for instance, came in a limited edition to commemorate the 50th anniversary of the product. It was priced at 20,000 won, but sold out. The price soared to 339,000 won at online auction sites. Consumers were convinced of the premium quality there.
Aloner, 1conomy
Prof. Kim also notes that "Aloners" are increasing rapidly, giving birth to the "1conomy," or the new economy of singles.
They cut out not only consumption but also social contact. They voluntarily go for solitude.
However, it doesn't mean they completely shut off contact with others. On the contrary, they actively share their lives. "The Aloners eat and drink alone, but what they do first before eating or drinking is take a picture of the food and the beverage. They go to the movie theater alone, and they take a picture of the movie ticket first. They upload the photos on social media."
He calls it the paradox of Aloners in the era of the 1conomy.
"Pick-me generation" and "calm-tech" are also among the trending keywords suggested by Kim. He expects young people in their 20s, who grew up with survival audition programs, will be leading changes in consumption paradigms as well as society. Calm-tech refers to the new trend where technology should be felt but not seen. It means technology should be as considerate of consumers as it can.
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He suggests some trend keywords that will lead Korea's consumption.
YOLO, No One Backs You Up
He cited "YOLO Life" as the most notable keyword leading consumption, along with "No one backs you up."
"These two are like the two sides of the coin showing how people perceive the current era. They have no one to count on except for themselves. Such desperateness comes as a YOLO Life, a consumption that highly values the present."
YOLO, which stands for "you only live once," is a motto that one should enjoy, love and learn without regret.
"In the past, a future-oriented paradigm prevailed. We saved a lot, preparing for tomorrow. Now, more people cherish the joy of the present. YOLO means being willing to spend for good experiences such as travel."
The professor said the trend reflects reality. In the era of low growth, low inflation and low interest, investing in the future isn't as meaningful as before. Many people thus opted to concentrate on the present.
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Also notable is that people have come to value sharing more than possessing, and find experience more valuable than ownership.
For these people, it is only bothersome to possess something. The trend is reflected in minimalism. Moreover, they are satisfied when they dump their belongings.
"Today, people buy something every day. What they are buying starts to pile up. Some people concentrate on dumping old possessions to purchase new things, while others focus on the psychological satisfaction they get from dumping," Kim notes.
Now, products or services alone cannot enchant consumers. Providing unforgettable experiences matters for all. He says the popularity of "Pokemon Go" last year reflects the trend. The game made Americans, who are not very fond of walking, willingly walk 144 billion steps, equivalent to 143 trips to the moon.
Era of sales, B+ premium
Many experts had expected salesmen to disappear amid changes in the business environment. In this era of cutting-edge technology, everything is done with a click or a touch. Ironically, however, face-to-face sales have become more important than ever, according to Kim. As distribution channels diversify and competition heats up among channels, "how to contact consumers" has become the biggest issue for businesses.
"Online and mobile platforms enable consumers to avoid meeting businesses face to face, and salesmen have become the only contact point for them," he noted.
Kim also expects that value added to ordinary products, which he calls B+ premium, will be a leading trend of the year. A ballpoint pen by local manufacturer Monami, for instance, came in a limited edition to commemorate the 50th anniversary of the product. It was priced at 20,000 won, but sold out. The price soared to 339,000 won at online auction sites. Consumers were convinced of the premium quality there.
Aloner, 1conomy
Prof. Kim also notes that "Aloners" are increasing rapidly, giving birth to the "1conomy," or the new economy of singles.
They cut out not only consumption but also social contact. They voluntarily go for solitude.
However, it doesn't mean they completely shut off contact with others. On the contrary, they actively share their lives. "The Aloners eat and drink alone, but what they do first before eating or drinking is take a picture of the food and the beverage. They go to the movie theater alone, and they take a picture of the movie ticket first. They upload the photos on social media."
He calls it the paradox of Aloners in the era of the 1conomy.
"Pick-me generation" and "calm-tech" are also among the trending keywords suggested by Kim. He expects young people in their 20s, who grew up with survival audition programs, will be leading changes in consumption paradigms as well as society. Calm-tech refers to the new trend where technology should be felt but not seen. It means technology should be as considerate of consumers as it can.
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