[Sisibibi] Aging, Globalization, and Personalization Are Mega Trends

Books on Trends Displayed at Large Bookstores

It is an era flooded with ‘trends.’ , , , , , , ... These are the titles of trend-related books I saw on the sales stand at a large bookstore in Gwanghwamun, Seoul, last weekend. Just reading the titles is breathless. There seemed to be about 20 kinds roughly. Since was first introduced in 2008, the number has been increasing year by year. This year is especially unusual. It is the first time so many have been released like this. What is the reason?

A trend is a flow and tendency. When people are anxious, they do not move but look around. They check their position and observe their surroundings. It is the same socially. In anxious times, people want to know where the current era is heading. They want to confirm if the direction they are going is correct. In short, this is an era of upheaval. Exchange rates fluctuate wildly, and it is hard to predict where the repercussions of the great power confrontations will lead. COVID-19 is not over yet. How about the rapidly changing technological trends? It shows a world where yesterday is different and tomorrow is different right before our eyes. In this chaotic era, people seek ‘trends’ to avoid falling behind the crowd and to seize opportunities.

Then, what are the mid- to long-term trends of our society beyond short-term trends, the so-called ‘megatrends’? They can be summarized in three keywords. First is aging. By 2025, South Korea will become a super-aged society where one in five citizens is aged 65 or older. A huge shock never experienced before is hitting our society. This will reduce social vitality and lower national competitiveness. On December 7 last year, the National Assembly Budget Office released a report stating that the fiscal deficit of the four major public pensions will reach about 243 trillion won by 2070. Moreover, elderly poverty in South Korea is severe. According to the ‘Elderly Income Poverty’ report released last year by the Organisation for Economic Co-operation and Development (OECD), South Korea was the only OECD member country where more than half (55.1%) of those aged 75 and older were in poverty. Due to the low birthrate, the ‘aging South Korea’ will deepen further.

The second is globalization. This is intertwined with urbanization. As of 2020, the global urbanization rate was 51.7%, while South Korea’s urbanization rate was recorded at 81.9%. The world is rapidly urbanizing, and South Korea’s urbanization is among the highest in the world. Empty houses are increasing in rural areas, and farmland is turning into grasslands because there are no farmers. Urbanization leads to globalization, making the world one. Events that happen in New York can be watched in real-time in Korean living rooms. The MZ generation, exposed to global culture from childhood, is a ‘different kind of human’ compared to the 50s and 60s generations. In an era where language is not a barrier, global culture is not unfamiliar. South Korea, the world’s 10th largest economy, is already in the midst of massive globalization.

The last is individualization. South Korean society, which used to have a strong collectivist character, has shifted to a culture that values the individual. defined this as “The era of averages is gone, and the era of individuality is coming.” One-person households have become common, and in an era where the birth population is less than the death population, the meaning of the ‘individual’ is growing day by day. Technological development accelerates this. Technology companies based on big data continuously recommend optimized information to individuals. Artificial intelligence technology decides and informs what I like faster than I do.

Megatrends are not entirely positive. Nor are they entirely a crisis. The future will vary greatly depending on how we respond. What is clear is that efforts for coexistence are needed more than ever.

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