How is Korea's economics?
To survive, to live, everything is changing
What is the meaning of V-nomics then?
YOLO means “You only live once,” it is sort of a teen interjection for “Carpe Diem.” Only it's short on the noble idea of living life to its fullest — and more focused on decisions and their consequences.
The Yolo’s life is full of what they want to do.
The 'Yolo' did not hesitate to consume the culture or products they wanted to enjoy without sacrificing the present for the future. That was one of the points that made me very jealous, by the way. But suddenly the world changed. It was because of Virus.
(We live in the past, which was divided into BC (Before Christ) and AD (Anno Domini) based on Jesus, and today we just say, the world has been divided into BC (Before Covid) and AD (After Disease), centering on the diseases)
Probably that’s why, it has become a difficult time not only for traveling abroad, but also for gathering with friends and having a drink. As with the changed world, the 'Yolo', people who purchase ‘YOLO’s are leading the way as the 'Fire'. We call 파이어족
What is ‘Fire’족?
The meaning of FIRE here is the 'Financial Independence Retire Early' (FIRE).
It is represented by the millennial generation (who were born 1981-1996)
and who drastically reduces consumption and focuses on savings and investment.
To put simply, it is not allowed to have a cup of coffee for romance
so that they reduce consumption to the extent that it is 'excessive'.
They tend to immerse themselves in various methods of financial technology
such as stocks, real estate, and gap investment.
Some economists said that from the 'Yolo' to the 'Fire', and the new year of 2021 is right now. 'Capitalist kids' are coming. When it comes to financial technology that suits you, you spend your time and money generously. It is to turn the dream of 'economic independence' into reality.
At the same time,
it is clear that they will not live only with the tools of capital. Taking away from the gazes recognized by others and making yourself happy is the 'top priority of life'. Rather than buying expensive new items, they also lead a rational consumption culture, such as purchasing' must have' items using second-hand markets and reselling items with low utilization.
The generation that can utilize the system well without yielding to capital is positioned as the main axis of production and consumption.
It is a generation that prepares for the future but does not give up experiences that cannot be enjoyed unless it is now, haha.
In Korea, people used to say, “I will buy cuz you are the people who I know and "It's good if someone I know makes a little money by me buying" but now, if you don't have a reason to buy, you'll be getting less and less immediately. Decisions are made more cautious, nowadays.
Is it because they weigh and consume not only the cost-effectiveness ratio (the ratio of price/performance) but also the ratio of psychological satisfaction to the price?
By talking about economics, I have heard about MZ generation.
The most eye-catching phenomenon is the remarkable advance of the MZ generation (millennials + Z generation).
MZ generation is a collective term for the millennial generation born in the early 1980s to early 2000s, which is emerging as a major consumer, and the Z generation born in the mid 1990s to early 2000s.
Some people believed that the MZ generation is a new generation of consumers without prejudice on money and consumption, leading the fashion, leading the direction of business, and determining the rise and fall of the brand. We can even see that these generational changes will lead to changes in the consumption culture.
What is the meaning of V-nomics then?
It means ‘the economy changed and will be changed by the virus.