Seize the day: Why young Koreans spend lavishly on luxuries, despite the costs



Analysis Seize the day: Why young Koreans spend lavishly on luxuries, despite the costs Experts warn of financial risks as social media and bleak economic outlook drive young people’s spending habits Hyojin KimApril 17, 2023 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON An illustration of young people seeking luxury brand items \| Image: Korea Pro Bae Hyun-ji, a 31-year-old personal trainer and franchise investor, spends $2,000 a month to lease a car and makes monthly payments on a $4,000 designer bag. But while Bae lives in a rented home and sometimes exhausts her income, she is not apologetic about her lavish lifestyle. Instead, she believes that society judges people through their material possessions. “In this society, how others perceive you is a sensitive matter. Your lifestyle and possessions can influence how people interact with you and the social circles you are associated with,” Bae said. Although Bae’s spending habits may appear excessive, she is not © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine 02Lee Jae Myung risks public trust as South Korea rewires its justice system 03South Korea turns to Central Asia as Iran war tests its energy resilience 04Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma 05Japan’s stronger yen may cut Korea’s import bill while raising funding costs 06South Korea leans on Europe as Hormuz deployment choices grow narrower 07Hanwha’s Austal bid shows where South Korea’s MASGA plan may be heading 08China’s Taiwan pressure may reveal more disciplined strategy toward South Korea

Analysis

Seize the day: Why young Koreans spend lavishly on luxuries, despite the costs

Experts warn of financial risks as social media and bleak economic outlook drive young people’s spending habits

Hyojin KimApril 17, 2023

Seize the day: Why young Koreans spend lavishly on luxuries, despite the costs

An illustration of young people seeking luxury brand items | Image: Korea Pro

Bae Hyun-ji, a 31-year-old personal trainer and franchise investor, spends $2,000 a month to lease a car and makes monthly payments on a $4,000 designer bag.

But while Bae lives in a rented home and sometimes exhausts her income, she is not apologetic about her lavish lifestyle. Instead, she believes that society judges people through their material possessions.

“In this society, how others perceive you is a sensitive matter. Your lifestyle and possessions can influence how people interact with you and the social circles you are associated with,” Bae said.

Although Bae’s spending habits may appear excessive, she is not

LATEST ANALYSIS

01Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine
02Lee Jae Myung risks public trust as South Korea rewires its justice system
03South Korea turns to Central Asia as Iran war tests its energy resilience
04Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma
05Japan’s stronger yen may cut Korea’s import bill while raising funding costs
06South Korea leans on Europe as Hormuz deployment choices grow narrower
07Hanwha’s Austal bid shows where South Korea’s MASGA plan may be heading
08China’s Taiwan pressure may reveal more disciplined strategy toward South Korea

Seize the day: Why young Koreans spend lavishly on luxuries, despite the costs

LATEST ANALYSIS

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Hyojin Kim