[The Public=Choi Mi-Sung] In Korea, we hear the phrase “Generation MZ” quite often these days. "Generation MZ" is a neologism that combines rather vague concepts, the millennium generation and the Z generation. “Millennium generation” refers to those who were born during 1980s~2000s and the “Z generation” refers to those who were born during the late 1990s to early 2000s.
Unlike previous generations, the MZs are very sensitive about the various experiences and the latest trends. Moreover, the MZs are the ones most familiar with smartphones so that they often consume the goods based on SNS. They prefer individuals rather than groups, sharing rather than possession, and experiences rather than goods.
The flex culture, which values the present rather than the future, and taste rather than price, is also actively appearing among the MZs. We can simplify these features in one sentence- they are the “capitalism kids” who are honest about money and value individual more than a group.
As mentioned above, the MZs prefer individuals rather than groups, and “money” has become the word that shows who they are. MZs do not hesitate on buying any goods, even the expensive ones called as “luxury goods”.
The MZ generation is also emerging as the “big hand” of the premium product. Line. In particular, this generation is considered as a consumer group with strong characteristics of expressing themselves through consumption and communicating with the outside world. They consider the purchasing itself as an experience and share it on their social media carefully. Moreover, as external activities like travel are limited due to the recent Corona 19 situation, they have become more indulged in premium consumption.
According to the self-investigation of LG electronics and Samsung electronics, the Objet collection (home appliances of LG electronics) and the foldable phone of Samsung are the good examples of this premium consumption phenomenon. Those products are highly preferred by young customers, including the MZ generation. Enthralling the MZ generation became the success in the premium market.
Due to the covid-19, polarization of wealth is becoming more pronounced than ever, but it cannot hit these young bloods. When they want the goods, they but it no matter how long they have to wait in front of the store.
Thanks to these young bloods, like the butterfly effect, luxury goods trading in the second-hand market has also become active. Reselling has become the trend among them. Besides, they choose to invest in stocks, or in other investment techniques as well to enrich their life. These capitalism kids value themselves the most. They will be active as consumers and producers, lead the generation, and continue to receive attention during the century or even longer than that.
[Image by Pixabay]
The Public / Journalist Choi Mi-Sung cms90719@naver.com
더퍼블릭 / 최미성 cms90719@naver.com