South Koreans under 40 don’t save money on products and services that can save them time and labor, a study showed.
Millennials and Generation Z, who now make up 44 percent of the country’s population, are partial to the latest offerings pitched to save time and labor, a trend that has been reshaping Korea’s consumer market, according to a study by Samjong KPMG on Friday.
Millennials are a demographic cohort born in the early 1980s to mid-1990s. They are followed by the Gen Z, those born after 1997.
One product that has enjoyed massive growth among these age groups is the clothes dryer, whose sales surged to 1 million units last year from 70,000 in 2014. Clothing steamers, a product pioneered by LG Electronics’ Styler, were also popular, with sales rising almost tenfold in three years to 300,000 in 2018.
Some of the key trends in the clothing industry were mass customization and self-expression through fashion, the report found. With the development of digital technology, more people are favoring individually customized products at costs of mass-produced items. They are also more likely to make “conscious” fashion choices that align with their personal philosophies, the report said.
Top trends driving the food industry were the rise of home meal replacements (HMR) and widened selection of food offerings. The average monthly spend on HMRs per household was 79,000 won ($66) in 2018, up from 44,000 won in 2015, the study showed.
There was also a growing movement among young adults to enjoy leisure activities at home, with the rise of single households and preference for a more balanced work-life lifestyle.
By Jin Young-tae and Kim Hyo-jin
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]