The heyday of Jjantech and Apptech, the consumption trend created by the era of high inflation and high interest rates
Jjantech can be seen as one of the consumption trends of the MZ generation, which prepares for high inflation and high interest rates by saving as much as possible on consumption in daily life and sharing various discount information to make up for the shortfall in living expenses.
Jjantech, which is popular these days, recommended vs. not recommended
*Source_Toes Speed
'Split your bank account' when starting Jjantech. Splitting a bank account refers to 'classifying my money according to purpose and dividing it into several bank accounts.' Determining the direction of money to prevent it from being spent unnecessarily.
- Living expenses account, money to be spent this month (monthly rent, maintenance expenses, food expenses, clothing expenses, pocket money, etc.)
- Reserve account, not money that goes out every month, but money that can be used for occasional expenses (congratulations and condolences, travel expenses, etc.)
- Financial account, money saved for investment or savings
- Emergency fund account, money to use in really urgent situations such as unemployment or job change
After drastically reducing consumption during the ‘No Spending Challenge’, where it is important not to overdo it, I recommend first checking whether you have impulsive spending habits and when you open your wallet impulsively. It can be difficult to practice it all the time, so try setting aside a few days when you don't have any plans.
Avoid unreasonable schedules, reduce temptations, and find ways to brighten your mood.
Salty technology and economic sustainability... 2023 Global Consumer Trends
*Source: Food News (http://www.foodnews.co.kr)
Top 10 global consumer trends for 2023 selected by Euromonitor
1. Authentic Automation: Humans and machines need to be closely connected to each other for meaningful delivery. The emotional connection between technology and humans can no longer be underestimated; technology must now closely consider the need for interpersonal interaction to create seamless customer experiences.
2. Budgeteers, the consumer of salty technology: In an era of high inflation, the cost of living crisis is putting pressure on consumer purchases, and saving is becoming a top priority for consumers. According to a Euromonitor survey, 75% of consumers responded that they had no plans to increase overall consumer spending in 2022.
3. Control the Scroll: Consumers still have their devices in their hands, but screen time that involves pointless scrolling and aimless switching between apps will decrease. Consumers want efficient and uncluttered digital experiences.
4. Economic Sustainability Eco Economy: As interest in sustainability and value consumption increases, the focus of consumer behavior is not on ‘using more’ but on ‘using less’ that has a positive impact on the planet. 43% of consumers said they reduced their energy consumption last year.
5. The era of games Game On: The power of entertainment is shifting. Games, which once attracted attention only from a specific consumer base, are now establishing themselves as entertainment that transcends generations, reaching the mass market, and emerging as leaders in the entertainment industry.
6. Here and Now: As more and more consumers pursue the ‘pleasure’ of the present moment as much as saving and sustainability, it is emerging as a major consumer purchase driver. Flexible payment methods such as Buy Now Pay Later (BNPL) support this, and the global BNPL market is expected to reach $156 billion in 2022.
7. Revived Routines: After a long corona era, the ‘endemic’ is finally in sight. Although uncertainty still lurks, consumers' desire to return to their daily lives is greater than ever. 39% of consumers responded that more aspects of their daily lives will be conducted face-to-face over the next five years.
8. Female consumer in the spotlight She Rises: Consumers are no longer silent due to lack of gender awareness. Fairness, equality and diversity are having a major impact on the purchasing decisions of consumers, especially female consumers.
9. Quietly moving away The Thrivers: As uncertainty and chaos continue, consumers' fatigue from having to navigate it has reached its peak, and personal happiness and well-being have become the top priority. According to Euromonitor, 53% of consumers in 2022 will draw a clear line between work or study and personal life in order to maintain work-life balance, also known as ‘work-life balance.’
10. Infinite possibilities of the Young Generation Young and Disrupted: Generation Z, who moves based on their firm beliefs and has no qualms about presenting themselves to the world, is emerging as a new consumer class and rewriting the formula of the consumer market. They reject traditional advertising methods and are interested in making a difference that is authentic and has an impact on society.
“The past few years have been so variable that they can be described in any language other than ‘ordinary,’ and 2023 will not be much different,” said Allison Angus, global head of Euromonitor’s Innovation Practice. “Consumers are in an unpredictable situation. We will continue to face and resolve crises and, at the same time, return to normal life. Accordingly, companies must fully anticipate that unconventional consumer behavior will emerge and act accordingly,” he said.
“The market always moves according to the potential of new generations, and understanding the differences between generations is more important than ever,” said Kyeong-sun Moon, head of research at Euromonitor Korea. “Generation Z has completely different channels for accessing new products than the older generation, and Miele “We are seeing a different consumption pattern, with the Niall generation having to consider the opinions of their children, the Alpha Generation, as top priority,” he said. “We should not overlook not only the major consumers, but also new factors that closely affect them and their infinite possibilities.” “I do it,” he said.
*Source_K-Gonggam Nurijip (gonggam.korea.kr)
‘Jjantech’, turning saving into fun!
“New Jaringgobi, Jjantech: Jjansuni, a salty person who is cornered as a ‘beggar’, turns saving into play!”
*Source_K-Gonggam Nurijip (gonggam.korea.kr)
These days, I especially feel the saying, ‘everything goes up except salary.’ It is difficult to find things that have not gone up, including food, gas, electricity, gas, and water bills. As salary increases cannot keep up with the pace of inflation, actual income decreases and bank accounts soon become 'empty'. The Consumer Sentiment Index (CCSI) for March 2023 announced by the Bank of Korea recorded 92. It has continued to fall below the standard value of 100 since June 2022. If CCSI is greater than 100, it means that consumers are optimistic about the economic situation, and if it is less than 100, it means that consumers are pessimistic. The number of people looking for that breakthrough in ‘Jjantech’ is increasing. Jjantech is a compound word of ‘Jada’ and ‘investment’, which is stingy like a miser. The cries of ‘YOLO (You Only Live Once)’ and ‘Flex (boasting about money)’ have disappeared, and the voice that ‘saving is a virtue’ is gaining ground. The consumer culture of trying to reduce fixed expenses as much as possible is receiving attention, and various savings methods are also being shared. Creating a household account book is filled with competition in technology as well as sharing of know-how, such as basic refrigerator digging and no-expenditure challenges.
‘Second hand trading in the Gifticon market’, ‘Collecting dust to make a big dust’
‘Jantech’ experts reduce food costs*Source_K-Gonggam Nurijip (gonggam.korea.kr)
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