[The Typing Baker] In 2024... MZ Generation Still Chases 'Old Money'

by Lee Seungjin

Published 20 Oct.2023 10:43(KST)

[The Typing Baker] In 2024... MZ Generation Still Chases 'Old Money'

"Don't you feel others' gazes?" "Not at all, I feel good wearing this way."

A street interview by a broadcasting company in 1994 about the changing fashion of Generation X youth is gaining popularity in 2023. It is being used as a meme (a trend spread in imitative forms on the internet) on social networking services (SNS) and parodied in various entertainment shows.

Why has a short interview from 20 years ago been recalled? At that time, it was uncommon to clearly express one's tastes. However, with Generation X as the main force, people began to break away from the previous uniform and collectivist trends and freely express their personal desires and likes and dislikes, attracting attention.

The recent social atmosphere is similar. The MZ generation (Millennials + Generation Z) emphasizes their own tastes. However, the direction of those tastes is quite different from 20 years ago. Nowadays, lining up at department stores to buy luxury bags worth millions of won is common. On SNS, there are frequent reviews of hotel stays costing tens or hundreds of thousands of won per day. Many also seek high-end Japanese restaurants where a single meal costs tens of thousands of won, even if they have to skip a day’s meal.

Life Trend 2024 diagnoses this phenomenon as the spread of the "Old Money" trend. The dictionary definition of old money refers to wealthy families who have inherited wealth for generations. It does not simply mean newly rich people with lots of money. The fashion, hobbies, and tastes of old money carry an emotional and attractive atmosphere. They take pride in themselves and earn respect from others through consistent donations.

On the other hand, it is hard to find such an atmosphere in self-made "New Money." What the younger generation desires recently is precisely the attractive tastes that old money has enjoyed and built over a long time. In a situation where economic recession and wealth polarization are deepening, it is a rational choice to substitute desire by imitating old money rather than vaguely dreaming of becoming rich.

At the same time, this is a rather bitter phenomenon. For the younger generation who grew up hearing stories of someone suddenly becoming a "coin millionaire" overnight in a situation where the social ladder has collapsed, imitating old money might have been the only option. The harsher the reality, the more people seek "escapism" and "comfort," which is not vanity or delusion but an appropriate response to live happily and contentedly.

Life Trend 2024 expects the ongoing old money trend to spread further in 2024. The direction of the old money trend is diagnosed as the expansion of "quiet luxury" and the increase in consumption emphasizing "tradition" and "heritage." It also recommends exploring ways to utilize these trends rather than just observing them.

Besides the old money trend, this book presents 11 topics that will bring changes to our lives in 2024. It highlights the shift of caregiving leadership from owners to companion animals, companion plants, and companion bots, and the increase in living separately in different houses beyond separate rooms. It diagnoses potential new hot places emerging next year and the impact of Fukushima contaminated water discharge on food culture and food technology. It also analyzes the interesting changes ahead, such as Generation Z’s job views represented by funemployment (fun + unemployment), job crises triggered by artificial intelligence (AI), and labor innovation.

The author says there is no need to worry initially about whether to accept trends or not. Instead, he advises considering how many people will accept the trends, their purchasing power, and their social and cultural influence.