Do You Know 'Hwatgim Costs'? ... Impulse Buying Due to Stress Among 2030s
Published 08 Feb.2020 06:00(KST)
9 out of 10 Office Workers Make Impulsive Purchases Due to Work Stress
59.1% of 20s and 30s Say "It's Worth It If It Relieves Stress"
Experts Say "Impulsive Buying Is to Fill Emptiness"
It has been found that the number of people in their 20s and 30s who complain about making impulsive purchases due to recent stress is increasing. Photo by Yonhap News
원본보기 아이콘[Asia Economy Reporter Kim Suwan] "I keep buying things whenever I feel stressed."
Office worker A said this after buying a phone case because he couldn't bear work stress. A explained the reason for his impulsive purchase, saying, "I impulsively bought a cute phone case as soon as I got to work in the morning because I didn't want to work." He added, "That's not all. After working overtime, I impulsively ordered late-night snacks."
Recently, the number of people in their 20s and 30s complaining that they make impulsive purchases due to stress has been increasing. They expressed the view that they consume to relieve stress.
The so-called 'Hwatgim Cost' is a newly coined term referring to expenses incurred from spending out of frustration caused by stress. The recent trends of 'YOLO' (an attitude that prioritizes one's current happiness and consumption) and 'So-hwak-haeng' (small but certain happiness) also have a significant influence.
According to last year's 'Major Consumption Status of Office Workers' survey conducted by Shinhan Bank on 1,000 office workers aged 20 to 59 nationwide, 85.5% of office workers spend about 200,000 KRW per month on average as Hwatgim Cost to relieve work stress. This means that 9 out of 10 office workers impulsively consume to relieve work stress.
They reported spending money an average of 2.4 times per month, with an average expenditure of 86,000 KRW per occasion, totaling about 207,000 KRW monthly. Additionally, men tend to spend their Hwatgim Cost on dining out, drinking, gaming, sports, and hobby-related shopping, while women spend on clothing, accessories, hair salons, and nail art.
According to another survey, people in their 20s and 30s feel that consumption is worthwhile if it helps relieve stress. Photo by Yonhap News
원본보기 아이콘According to another survey, people in their 20s and 30s feel that consumption is worthwhile if it helps relieve stress.
According to a 2018 survey by Byeolgok Market Job Search targeting 1,096 adult men and women, 59.1% of respondents said, "If stress is relieved, it seems to be worth it," and 23.2% responded, "I think of it as an investment in myself," showing a high rate of positive attitudes.
Office worker B (27) said, "I think I impulsively buy things because there is no proper place to relieve stress during work," adding, "Recently, I bought a necklace worth about 200,000 KRW." B continued, "These days, I live for the fun of spending money. If spending money relieves stress, I think that itself has meaning."
On the other hand, there are also many negative reactions such as "I think it's wasteful" or "It seems like an incomprehensible behavior."
College student C (23) said, "I've seen many people around me spend money earned from part-time jobs without planning just because they are stressed," adding, "In the end, many regret by saying 'I shouldn't have bought it,' 'I just wasted money,' or 'I bought it but don't use it.'" She added, "These days, people say 'flex' and 'YOLO' while spending money, but I really don't understand that behavior."
Office worker D (32) said, "I think some level of consumption is not a problem, but excessive consumption is wasteful," adding, "Especially in these times when the economy is not good, if you keep consuming, you won't be able to prepare for old age."
He explained, "Except for fixed monthly expenses, I am trying to save money. It's preparation for a better old age. Even if others say I don't enjoy the present, I can't help it."
Experts analyze that impulsive buying is a habit and is done due to feelings of emptiness.
Jinseong Eom, director of the Financial Science Research Institute, appeared on YTN Radio's 'Your Prime Today' and said, "In fact, impulsive buying is a habit," adding, "People who make impulsive purchases are emotionally consuming to fill a void. They spend money because of emotions." He advised, "Getting rid of credit cards and using debit cards can be one way to prevent impulsive buying."
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