Rising Card Spending Among Teens and 20-Somethings Drives Growth in Experience-Based Consumption

According to a recent report by Maekyung, spending on school supplies and cosmetics among 20-somethings is surging, driving a significant increase in card-based spending. This reflects the trend of younger generations prioritizing experience-based consumption, shifting spending from product purchases to activities and services. This trend reflects changes in the Korean consumer market and is expected to further expand with the rise of digitally-integrated services.

Rising Teen Spending: The Convergence of Back-to-School Preparations and Experience Consumption

According to a recent report by Maekyung, spending on school supplies and cosmetics among teenagers is increasing noticeably, driving a significant rise in card-based spending. This signifies not just the purchase of stationery but also the increasing demand for cosmetics to create new styles, reflecting the younger generation’s active pursuit of ‘experience consumption.’ This trend can be interpreted as a result of the strengthening of consumption trends seeking personal satisfaction and enjoyment after the COVID-19 pandemic.

The Expanding Role of Card Payment Systems

The convenience and instant gratification of card payment systems are key factors driving young people’s preference for experience consumption. Particularly, platforms integrated with online shopping are further accelerating this trend. The ease of purchasing trending products or services through social media and immediately experiencing satisfaction is shaping the consumption patterns of young people.

20s Cosmetic Consumption: Self-Expression and Social Influence

The increase in 20s cosmetic consumption reflects not only personal satisfaction but also the pursuit of self-expression and social influence. Cosmetics are used as a means to express individual personality, and are recognized as an important tool for sharing one’s style and communicating with others through social media. Specifically, 20-somethings actively utilize cosmetics to manage their image and express their social status.

Market Outlook and Future Trends

This consumption trend is expected to have a positive impact on the overall Korean consumer market. A new consumption model centered on experience consumption will emerge, and consumption of digitally-integrated services will further expand. Furthermore, demand for personalized products and services reflecting individual tastes and preferences is expected to increase. Leveraging platforms like FireMarkets to closely monitor these changes and formulate investment strategies is crucial.