Say "Gonghwang Gumae" Instead of "Panic Buying"

Ministry of Culture and National Institute of Korean Language Propose Alternatives Through New Word Meeting
'Storynomics' Recommended to Be Replaced with 'Iyagi Saneop' (Story Industry)

(Washington EPA=Yonhap News) Amid the spread of the novel coronavirus disease (COVID-19), panic buying of daily necessities is occurring across the United States. On the 13th (local time), the shelves for toilet paper and sanitizers at a Walmart in Dallas, Texas, were completely empty. President Donald Trump held a press conference at the White House on the same day and declared a national emergency related to the COVID-19 outbreak.
ymarshal@yna.co.kr

The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language recommended on the 20th that the term ‘panic buying’ be replaced with the Korean term ‘gonghwang gumae’ (공황 구매). They also suggested ‘iyagi saneop’ (이야기 산업) as the Korean alternative for ‘storinomics’.

‘Panic buying’ refers to the act of purchasing essential goods, stocks, real estate, etc., regardless of price, due to anxiety over price increases or stock depletion. Prices often surge sharply along with transaction volumes. The selection of the alternative term ‘gonghwang gumae’ was based on survey results. In a public acceptance survey conducted on the 13th and 14th with 600 participants, 57% of respondents found it appropriate.

‘Storinomics’ means the economics related to stories. It is the driving force behind various cultural industries such as dramas, movies, games, and animations, with the ‘Harry Potter’ series cited as a representative example. The Ministry and the Institute decided on the alternative term ‘iyagi saneop’ during the new word meeting held from the 10th to the 12th.

The new word meeting is a committee that provides Korean alternative terms that are easy for the general public to understand before difficult foreign neologisms spread. Experts from various fields including Korean language, foreign languages, education, publicity and publishing, information and communication, and media participate. The Ministry and the Institute plan to continuously promote the use of these alternatives, encouraging government departments and media outlets to take the lead.

This content was produced with the assistance of AI translation services.