[Trend] Korean MZ Generation and Consumption Trend

There is a consumer trend going on around Korean MZ generation. When it comes to consumption, MZ generation focus on experience and value. In other words, they use money to experience and to enjoy the culture. To speak more directly, they save money when they can but use a big amount of money when it comes to experiencing culture.

image from Pixabay

For example, hamburger is considered as fast food, cheap and quick fix of a meal. However, recently, premium burger is introduced to Korea and it costs 140,000 KRW. The name of the burger is “Gordon Ramsay 1699 Burger 1699.” When Gordon Ramsay Burger place announced its grand open in Korea, people joked around by saying “who will eat that burger?” However, once it opened and started its business, people flocked around and reservation was fully booked and people lined up with long hours of waiting. On the internet, there are endless review of YouTuber and blogger who tried this place.

Image from Pixabay

Two strong consumption trends are found among Korean MZ generation. One is value-consumption and the other is flex-consumption (show off consumption) MZ generation determine their consumption choice based on their value. These young consumers are not only looking at the product itself but also the process of production. They ensure that products they buy are eco-friendly and manufactured and sold in fair and socially responsible ways. Value-based consumption is a strong trend shown these days especially with the young generation.

Image from Pixabay

The other trend is flex-consumption. While living in a low growth economy, MZ generation still pursue quality over quantity consumption life. Even though their incomes are not abundant, they spend lavishly on products they love, regardless of price. Ambisumer (ambivalent + consumer) is the term used to describe such consumers. They are double sided consumer where they calculate “value per money” in regular consumptions but spend a fortune with boldness in a certain consumption areas. Buying luxury goods while using an old style cell phone which only supports simple functions like phone call.

 

Image from Pixabay

What is the area of consumption you do not hesitate to use money? What is the area of consumption you check “value per money” closely? What kinds of consumer are you? Please share your consumption habits!