[Seo Mideum's Book Review] Lunchbox 3,000 Won, Mango Bingsu 100,000 Won... 2023, the Era of 'Average Disappearance'

‘Trend Korea 2023’
‘RABBIT JUMP’ (Jumping Rabbit)
Amid Deepening Recession, Consumption Polarization Sharpens
‘Average’ Disappears and ‘Office Big Bang’ Occurs

[Asia Economy Reporter Seomideum] The ‘Trend Korea’ series has already reached its 15th edition. Every year-end, it analyzes consumer trends to predict the coming year, having long established itself as a must-read. Each year, it presents insights analyzing about ten trends, and this year is no exception with ten trends again. Taking the first letters, it spells ‘RABBIT JUMP.’ It also means ‘The crouched rabbit jumps higher,’ but according to the analysis, next year will be a year of crouching. This is because the U.S. Treasury bond yield is at a historic low of 3.5%, and the domestic economy, which follows the U.S. economy with a lag of one or two quarters, is expected to hit bottom next year.

Does this mean all consumption will shrink? Not at all. Polarization has intensified to the point of ‘Redistribution of the Average.’ On secondhand trading sites, mobile gift certificates worth 5,000 won are actively traded, and people trying to save on dining out flock to large mart meal kits. Meanwhile, there is a stark contrast with a craze for Korean beef omakase costing tens of thousands of won per meal and luxury hotel mango bingsu. The analysis suggests that the once-thick middle class has disappeared.

As the recession deepens, frugal consumption strategies are gaining attention. The ‘cherry picker,’ once viewed negatively for benefiting without purchasing, has transformed into ‘Cherry-sumers (Born Picky, Cherry-sumers),’ meaning savvy consumers.

Given this situation, supply forms are also changing. The so-called ‘New Demand Strategy (Irresistible! The ‘New Demand Strategy’)’ involves introducing new products that never existed before or flexibly changing payment methods. An example is the ‘Take a Month Off’ feature, which allows saving money without canceling subscription services.

Changes in values are also noticeable. Due to COVID-19 and other factors, organizational culture maintained since industrialization is undergoing a Big Bang-level upheaval. The authors call this the ‘Office Revolution (Arrival of a New Office Culture: Office Big Bang).’ According to the analysis, discussions about job changes and resignations are heating up, and even without quitting, a ‘quiet quitting’ culture?doing only the minimum work?is gaining ground. The concept of a lifelong job or loyalty to the workplace has long become outdated. The decreased preference for managerial positions with greater responsibility is in the same context.

Human relationships have diversified. Unlike in the past, when they were divided by region, age, or school, ‘Index Relationships: Buddies with a Purpose’?alliances formed around various focal points?are increasing. This is largely due to the development of SNS, which has made various meetings by purpose easier.

Additionally, the emergence of the ‘Jumbly Alpha Generation’ (born after 2010), who, due to increased contact with electronic devices, say ‘Alexa’ (the AI speaker’s wake word) before ‘mom,’ the ‘Digging Momentum’ trend where people immerse themselves like otakus but invest money, passion, and time without escaping reality, and ‘Unveiling Proactive Technology,’ which suggests services before speaking, such as recommending songs matching moods or suggesting turning on indoor lighting, are introduced as next year’s trends.

Co-author Professor Kim Nando said, “There is a saying, ‘Kyoto Samgul,’ meaning a cunning rabbit digs three burrows. It implies having Plan B and Plan C ready to avoid disasters.” He added, “In the Year of the Black Rabbit 2023, it would be good to apply the wisdom of ‘Kyoto Samgul’ to prepare for economic and geopolitical crises.”

Kim Nando, Jeon Mi-young, Choi Ji-hye, Lee Soo-jin, Kwon Jeong-yoon et al. | Mirae’s Chang | 424 pages | 19,000 won

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