Young Koreans say 'No' to YOLO, 'Yes' to YONO 2030세대, YOLO에서 YONO로 변신 중

[정승남세기영어교육연구회장]

Young Koreans say 'No' to YOLO, 'Yes' to YONO

2030세대, YOLO에서 YONO로 변신 중

Posted : 2024-08-01 13:35 The Korea Times

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Young people seeking employment line up to enter a job fair in Seoul, July 3. Yonhap
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By Lee Yeon-woo
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Choi Ye-bin, a 27-year-old event director, has been keeping a household ledger for four years. She started the habit as she felt a gap between the perceived and actual amount she was spending.
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Housing costs and food expenses, including dining out, account for an overwhelming proportion of her spending. Recently, she has strongly felt the increase in dining out expenses.
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"When I don't have a scheduled appointment, I try not to eat out. If I have two appointments in a week, I see it as a red flag and adjust accordingly," Choi said to The Korea Times.
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Like Choi, an increasing number of young Koreans are shifting their spending habits toward frugality.
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Over the past decade, the dominant trend has been the "YOLO" (You Only Live Once) lifestyle, where people prioritize immediate happiness over investing in an uncertain future. This trend has also been significantly influenced by the rise in single-person households.
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However, the spending party has come to an end, creating a new lifestyle of "YONO" (You Only Need One). It refers to a consumption pattern that involves reducing unnecessary spending.
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"I used to feel that spending money on personal investments or enjoyment was admired by society. Nowadays, it's clear that's not the case," Choi said.
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Pre-packaged meals are displayed at a store in Seoul, June 7. Yonhap
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"For instance, while there are still people who enjoy omakase (expensive Japanese-style chef-curated fine dining), the reactions have changed. People in their 20s became more like, 'I'd rather spend that on something else.' It reminds me of how the older generation reacted when young people first started enjoying that food culture."
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High inflation and low income growth rates have pushed young Koreans to spend only on essentials.
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Data from Statistics Korea show that from 2021 to 2023, the inflation rate stood at 2.5 percent, 5.1 percent, and 3.6 percent, respectively. During the same time, the annual salary increases were only 2.5 percent, 0.9 percent and 1.6 percent.
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Data from NH NongHyup Bank, which analyzed the credit and debit card transaction data of its card customers from Jan. 1, 2022 to June 30, 2024, shows a clear divergence.
The number of dining-out transactions for young people in their 20s and 30s decreased by 9 percent in the first half of this year compared to the same period last year.
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Consumption of convenience store foods increased by 21 percent instead.
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Baristas make beverages at a Starbucks in Seoul in this February 2023 photo. Korea Times photo by Lee Han-ho
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The number of transactions in department stores decreased by 3 percent, and the consumption of high-priced coffee, at places like Starbucks and A Twosome Place, also decreased by 13 percent. While purchases of imported cars decreased by 11 percent, purchases of domestic cars increased by 34 percent.
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"Inflation is primarily affecting the sectors where young people spend the most, leading to a direct increase in living costs for those preparing for employment or with low incomes," the Federation of Korean Industries wrote in its research study in 2022. "Due to the ongoing job market difficulties and rising prices, young people have the highest perceived economic pain index among all age groups."
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Additionally, rising interest in asset management among young people has also played a role.
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"We are the generation who should have a lifetime career where we must independently prepare for our retirement living expenses. I would prefer to use the money for investments rather than just wasting it," Lee, a 30-year-old office worker, said.
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However, the trend doesn't mean that young people are frugal in every aspect of life, as hobby-related overseas spending has increased at the same time.
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"Instead of owning goods, they (younger people) do not hesitate to spend on experiences such as sports or overseas travel," NH NongHyup Bank said.
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yanu@koreatimes.co.kr

[윤희영의 News English] 2030세대, YOLO에서 YONO로 변신 중

윤희영 기자 입력 2024.08.06. 00:01 조선일보

최근 10년간(over the past decade) 2030세대는 ‘인생은 한 번뿐’이라는 ‘욜로(YOLO·You Only Live Once)’ 풍조에 휩쓸렸다. 어차피 한 번밖에 살지 못하는 인생, 불확실한 미래에 투자하기보다는(invest in an uncertain future) 당장의 만족을 우선하자는(prioritize immediate satisfaction) 소비 행태에 삶을 내맡겼다.

고물가·고금리·고환율 ‘3고’ 속에 경제 불황(economic recession), 고용 불안정(employment instability), 주택 가격 상승(rising housing prices)이 이어지자 훗날 설계를 포기하고 일단 현재를 위해 돈을 죄다 써버리고 그 이후는 나중에 생각하자는 심리가 팽배했다(become preval‎ent).

오로지 ‘나’와 ‘현재’에만 집중하는 YOLO는 1인 가구(single-person household) 증가에 편승해 급속히 퍼지면서 새로운 신조어도 만들어냈다. ‘나에게 심리적 만족(psychological satisfaction)을 주는 비용이면 가격을 따지지 않는다’는 ‘나심비,’ 호텔에서 호화로운 바캉스를 즐기는 ‘호캉스,’ 자기 과시를 위해 돈자랑한다는(show off money to flaunt their wealth) ‘플렉스’ 등이 훈장처럼 여겨졌다.

그랬던 YOLO족이 2020년대 들어서면서 삶의 철학과 인생관(philosophy and outlook on life)을 바꿔 ‘요노(YONO)’족으로 전향하고 있다.

YONO는 ‘You Only Need One’의 약자(abbreviation)로, ‘삶에 필요한 건 하나뿐’이라는 뜻이다.

‘한 번뿐인 인생’을 명분으로 한 YOLO의 과도한 소비(excessive consumption)와 불필요한 소유(unnecessary possession)가 삶의 질을 높여주기는커녕 자포자기하는(abandon themselves to despair) 폐인으로 만든다는 인식이 확산하기 시작한 것이다.

YONO는 말 뜻 그대로 꼭 필요한 것만 사고 불필요한 소비는 줄이는(reduce unnecessary spending) 알뜰하고 실용적인(be frugal and practical) 소비 형태를 말한다. 주거비(housing costs)와 외식을 포함한 식비(food expenses including eating-out) 등이 생활비 지출의 압도적인 부분을 차지하면서(account for an overwhelming proportion of living expenses) 갈수록 버거워지자 비로소 소비 습관을 검약하는 쪽으로 바꾸기(shift their spending habits toward frugality) 시작했다.

단적인 예가 요리사가 내주는 대로 받아먹는 값비싼 일식 고급 식사(expensive Japanese-style chef-curated fine dining) 오마카세(おまかせ)의 인기 몰락이다. 최저임금 아르바이트로 며칠 동안 돈을 모아 여자 친구에게 점심 한끼 1인당 수만 원, 저녁엔 최소 십수만원 하는 오마카세를 먹이며 ‘자뻑’하던 YOLO족이 이제야 꼭 필요한 것에만 돈을 쓰는(spend only on essentials) 실용적 YONO족으로 거듭나고(turn over a new leaf) 있다.

[참조 자료 사이트]

☞ https://edition.cnn.com/2024/06/04/investing/premarket-stocks-trading/index.html

☞ https://www.scmp.com/lifestyle/food-drink/article/3272923/no-more-yolo-young-south-koreans-who-buy-less-and-dont-dine-out-much

☞ https://www.koreatimes.co.kr/www/biz/2024/08/602_379775.html

☞ https://www.hankyung.com/article/2024072846121

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