In the Age of Inflation, Korea’s Young Adults Rethink Consumption

At a supermarket in central Seoul, 31-year-old office worker Lee Hana scans the price of eggs and frowns. “₩8,900 for a dozen? That’s double what I paid two years ago.” She sighs, puts the carton back, and walks away.

In 2024, Korea’s inflation shows little sign of easing. Despite the Bank of Korea’s attempts to stabilize interest rates, the Consumer Price Index remains stubbornly high—especially for essentials like groceries, rent, and transportation. While older generations may absorb the costs with savings or home equity, the burden on younger adults is becoming unsustainable.

According to a September report from Statistics Korea, living expenses for single-person households in their 20s and 30s have increased by 18% year-over-year. In response, a cultural shift is underway: frugal living is no longer a necessity—it’s a lifestyle.

Dubbed the “Zero-Consumer Movement,” this trend sees young Koreans engaging in spending fasts, no-buy challenges, and extreme price comparisons. Online forums like 짠돌이 모임 (Frugal Club) are filled with tips on how to live well under ₩500,000 a month. On TikTok and YouTube, influencers showcase “₩3,000 meal plans” or DIY versions of luxury goods.

“I don’t feel poor,” says university student Bae Hyunsu. “I feel smart. I’m choosing where my money goes.”

Meanwhile, businesses are adapting. Subscription cafés now offer tiered memberships. Shared housing apps like Dongne and ZipStay are surging. Secondhand platforms such as Karrot Market and Danggeun have seen user growth spike by over 40% since spring.

However, experts warn of psychological fatigue. “Constant budgeting creates anxiety, especially when tied to social media comparison,” says Dr. Yoo Ji-hye, a psychologist in Busan. “It’s not just financial pressure—it’s identity pressure.”

Still, for many in the 2030 generation, conscious consumption is becoming not just a survival tactic, but a value system. As inflation lingers, young Koreans aren’t just tightening belts—they’re rewriting the rules of value.

Date: 2024-11-04

Reporter: 박근홍