Social media buzz related to consumer trends in Korea are shifting toward seeking value and saving rather than spending money for the present, data showed Tuesday.
According to data from Daumsoft analyzing social media keywords, those connected to present-focused spending declined significantly in the second half of 2017. On social media, trends have been moving in the opposite direction from the early months’ focus on spending money on small luxuries and experiences.
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As one example, the number of mentions on Twitter, blogs and news of the television program “Kim Saeng-min’s Receipt” rose from three in June to 17,803 in September. On the show, TV personality Kim, known for his penny-pinching lifestyle, evaluates viewers’ spending habits and uses words like “stupid” or “great” to encourage saving instead of spending.
Meanwhile, slang words like “tangjinjaem” -- spending all of one’s money on unnecessary but enjoyable products -- and “sibalbiyong” -- spontaneous spending spurred by stress -- have all declined by large numbers.
Experts see the shift on social media as being a reflection of the younger generation’s fatigue with materialism, as well as a more predictable and hopeful future brought on by changing socioeconomic circumstances.
“There have always been people who have not been able to take part in the spending-focused trend, who have been tired of being told to spend,” said culture critic Kim Hern-sik. “They found their icon in Kim Saeng-min and are now pushing his message of saving for the future to the surface.”
Marketing expert Seo Yong-gu also saw the recent trend as a reaction to the excessive emphasis on consumer spending, but also said that the changing socioeconomic circumstances of Korea could be driving a more substantive change.
“From late last year, the scandal surrounding the former Park Geun-hye administration created a lot of social uncertainty. People felt less hesitant about spending, because they felt unsure that saving would lead to a better future,” Seo said. “The current administration’s message about trying to create more financial stability for young people is decreasing that uncertainty.”
As for the future, both experts say that there will be more messages in pop culture and marketing that encourages people to seek more value for their money and to save for the future.
“I feel we’ll see more programs that emphasize mediated spending for a better future,” said Kim. “And we need it.”
By Won Ho-jung (hjwon@heraldcorp.com)
