Real estate prices skyrocketed, many people realized that no matter how much money they saved, they couldn’t buy a house, so they bought branded things!
Song Ji A is the breakthrough name of the Korean TV dating show – Hell Singles. Not only her dream date, she also “enchants” others with her branded goods.
Before going international, Song Ji A has been an influencer on Korean social networks since 2019. She is distinguished not only by her beautiful appearance, passionate personality, but also by trendy outfits full of trendy outfits.
Therefore, when it was revealed that many of the products used for Single Hell were fake, fans felt both shocked and betrayed.
Experts say that Song Ji A’s ups and downs have not only highlighted the growing obsession with luxury goods among young Koreans – which has led to an increase in influencers “flaunting” their wealth – but also evil on social networks.
Song Ji A in Single Hell
The reality of Korean youth who yearn for brands
In a survey of middle and high school students conducted last year by Smart Uniform, a Korean school uniform brand, 56.4% of participants said they had bought luxury goods.
Moreover, according to a survey of teens and people in their 20s conducted by Alba Cheonguk, a part-time job search platform in 2020, 33.6% of teens said they plan to buy new things with pocket money.
Surprisingly, Gen Z isn’t even financially stable enough to afford so many luxury items. First of all, most of them were students or newcomers. So, most of them either don’t have a job or their income is not high, which means expensive goods are a challenge.
Usually, their parents will buy it for them. Or there may be some cases where young people save the pocket money received from their parents or work part time to buy expensive things.
So why are young Koreans so “crazy” to buy luxury goods?
1. FLEX culture
This culture refers to a culture that flaunts one’s success or wealth. In other words, it is the FLEX culture that encourages people to buy expensive things they can’t afford to add value to themselves. Consumption based on FLEX culture is consistent with the desire to manifest to others.
Since the younger generation is so familiar with social media, they love to showcase their purchases using the hashtag #FLEX on Instagram.
Also, if you’re looking for “unboxing” fancy stuff on YouTube, there are tons of Korean videos, mostly KOLs in their 20s, or even teens.
Buy expensive things and carry them everywhere, post to be a “trendy person” on social media. Owning such luxury items even directly affects the way young people see themselves.
For example, the more expensive a product is, the more they see themselves as worthy enough to own it.
2. YOLO Culture & Rising Housing Prices
You’ve probably heard of YOLO – you only live once – before. It means pursuing a life that values your happiness above all else and doesn’t make sacrifices for the future.
The YOLO culture spread to Korea a few years ago. Research shows that there is some correlation with increased spending on brands with a YOLO culture.
Also, housing prices in South Korea are oddly expensive. The average apartment in Seoul is over 900 million won (Approx. 16.7 billion). It’s hard to guarantee buying your own home in Seoul.
As property prices skyrocket, many people realize that no matter how much money they save, they will not be able to own a home.
So many people have chosen to give up buying a home. Instead the pursuit of one’s own happiness by increasing consumption of luxury goods. Many young Koreans save little by little from their monthly income and splurge on expensive goods to satisfy themselves.
3. Experiencing Overconsumption & a Growing Second-hand Market
In recent years, the second-hand market has grown rapidly. Anyone can easily sell used products and buy items at discounted prices using the app. On this platform it is even possible to find luxury items.
People queue to enter a Chanel store amid the coronavirus outbreak, in Seoul, South Korea, May 2020.
Gen Z considers the experience of owning a luxury item to be more valuable than actually owning it forever. So, they like to sell used products and buy new ones with the money they earn.
Unlike other second-hand goods, high-end brand products usually don’t get too much of a discount even when resold. On the other hand, if it’s a limited edition or vintage product, it could sell for a lot more than what you previously purchased.
This type of consumption eases the burden of buying a new product.
Law and readers
at Blogtuan.info – Source: cafebiz.vn – Read the original article here