[Viewpoint] Capture the MZ Generation

The MZ Generation:
The New Mainstream Power
Shaping Korea’s Future

Seoyonggu, Professor, Department of Business Administration, Sookmyung Women's University.

The MZ generation refers to those born over approximately 30 years, combining the Millennial generation born between 1980 and 1994 and Generation Z born between 1995 and 2009. They possess vibrant individuality and value systems and lifestyles distinctly different from previous generations. The reasons why the MZ generation is gaining attention can be analyzed in the following three points.

First, the MZ generation has established itself as the mainstream consumers in the Korean market since 2020. The Millennial generation, currently aged 27 to 42, and Generation Z, aged 13 to 26, number about 17 million, accounting for 32% of the total population. However, due to the explosive growth of the digital consumption market recently, their purchasing power is estimated to approach 50%. While the Seoul, Gyeonggi, and Incheon metropolitan area accounts for about 50% of Korea’s total population, their purchasing power is similar at 70%. Just as giving up the metropolitan area means giving up 70% of the Korean market, failing to capture the MZ generation is equivalent to giving up 50% of market purchasing power.

Recently, especially in the luxury and premium markets, purchases by consumers in their 20s and 30s have surged. Last year, the MZ generation accounted for more than 50% of purchases in Korea’s art and luxury goods markets. They are digital consumers living in a hyper-connected society through platforms like Instagram and YouTube and are familiar with the so-called Flex culture. While previous generations valued ‘humility’ and ‘frugality’ as virtues, the MZ generation takes ‘showing off’ and ‘consumption’ for granted.

Second, the MZ generation is a premium Korean group born and raised in a middle-income or higher Korea, completely differentiated from previous generations who experienced absolute poverty. They are clearly distinct from the Baby Boomer and Generation X, the main driving forces of Korea’s industrialization, in every aspect. Napoleon, the emperor who created the greatest era in French history, once said, “If you know the major events and traumas that happened to a person at age 20, you can immediately understand their thoughts.” For the Baby Boomer generation, the shocking event in their 20s was the death of President Park Chung-hee, whereas for the MZ generation, a representative shocking event in their 20s is Korea’s advancement to the semifinals in the 2002 World Cup. Compared to previous analog generations with negative traumas, Korea’s MZ generation carries positive traumas and is creating the Korea premium. BTS, BLACKPINK, Son Heung-min, and others are Koreans admired and revered worldwide.

Third, the values of the MZ generation are more globally oriented and aligned with universal values pursued worldwide. The MZ generation accurately shares the values of Capitalism 4.0, such as Environmental (E), Social gender equality (S), and transparent Governance (G). Their pursuit of ‘fairness’ continuously causes conflicts with previous generations like the Baby Boomers, but with the activation of non-face-to-face consumption due to COVID-19 and the relative contraction of the offline economy, the MZ generation’s victory, optimized for the mobile environment, is becoming certain.

Currently, attention is focused on them mainly in the consumer market and entertainment sectors, but it seems certain that the MZ generation will soon hold leading influence in politics, diplomacy, and various social fields. Ultimately, the MZ generation is the future power that will determine Korea’s future. This is why we need to pay attention to and capture the MZ generation.

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