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The Korea Times

By Lee Yeon-woo
Choi Ye-bin, a 27-year-old event director, has kept a household ledger for four years. She began doing so because she felt there was a gap between what she thought she was spending and what she was actually spending.
Housing and food account for an overwhelming proportion of her spending – dining out in particular.
“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 says.

An increasing number of young Koreans like Choi are minimising their spending habits and becoming more frugal.
The dominant trend over the past decade has been to YOLO (“you only live once”) it – to prioritise one’s immediate happiness over investing in an uncertain future. This trend was significantly influenced by a rise in single-person households.

However, thanks to high inflation and low income growth rates, the spending party has come to an end. Now, people are embracing the YONO (“you only need one”) life by reducing their unnecessary spending.
“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 says.
“For instance, while there are still people who enjoy omakase [Japanese-style chef-curated fine dining], the reactions have changed. People in their twenties 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.”
Due to the ongoing job market difficulties and rising prices, young people have the highest perceived economic pain index
Federation of Korean Industries
South Korea’s NH NongHyup Bank analysed its customers’ credit and debit card transaction data from January 1, 2022 to June 30, 2024.
It found that the number of dining-out transactions for people in their twenties and thirties decreased by nine per cent in the first half of 2024 compared to the same period in 2023. The consumption of convenience store foods increased by 21 per cent.
The number of transactions in department stores decreased by three per cent, and the consumption of coffee at places like Starbucks decreased by 13 per cent.
“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, an economic organisation, wrote in a 2022 study. “Due to the ongoing job market difficulties and rising prices, young people have the highest perceived economic pain index [a measure of economic distress felt by the average person] among all age groups.”

An increased interest in investing among young people is also playing a role.
“I would prefer to use the money for investments rather than just wasting it,” Lee, a 30-year-old office worker, says.
Despite this, YONO does not mean being frugal in every aspect of life, noted NH NongHyup Bank.
“Instead of owning goods, [younger people] do not hesitate to spend on experiences such as sports or overseas travel.”
Read the full story at The Korea Times.


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Food and Drinks

No more YOLO for young South Koreans, who buy less and don’t dine out much

Young Koreans are spending less on goods and meals out. Photo: Shutterstock 

An increasing number of young Koreans are minimising their spending and becoming more frugal – think fewer fancy dinners out and more eating in. Photo: Shutterstock

Young Koreans are increasingly spending less on dining out. Photo: Shutterstock 

The dominant trend over the past decade has been to spend now instead of saving it for later. Photo: Shutterstock 

The number of transactions in department stores has decreased by three per cent, found one Korean bank when analysing data from the past two years. Photo: Shutterstock 

Gen Z are buying less, reusing more thanks to TikTok viral trend ‘underconsumption core’

Influencer Andrea Cheong repairing pants. Photo: Instagram/@andreacheong

‘Underconsumption core’ is trending on TikTok as Gen Z urge people to spend less and repurpose more. Photo: Instagram

Shoppers emptying shelves of Stanley cups after the tumblers go viral on TikTok. Photo: Instagram/@stanleytumbler

Crafting and sewing supplies on a table during a “Mending 101” workshop hosted in Washington. Activities focusing on low consumption are gaining popularity. Photo: AFP

A “Mending 101” workshop in Washington. The “underconsumption core” trend on TikTok spotlights living sustainably and using what you have. Photo: AFP

Influencer Andrea Cheong mending old clothes. Photo: Instagram/@andreacheong_

Shock for ‘miserable’ Japan man who lives on simple meals for 21 years to save for retirement

A Japanese man who lived on simple food for years in order to save for an early retirement has been given a nasty shock. Photo: SCMP composite/Sohu/X.com


The man ate very simple food such as a bowl of rice soaked in cold water. Photo: Baidu

The man saved so hard and was looking forward to an early retirement. Photo: Shutterstock 

Frugal elderly couple in China save by wearing old clothes and US$2 shoes, move hearts online with US$1.4 million donation to hometown

When the couple went to the bank to transfer the donation, staff were suspicious of the large sum involved and called the police to verify the transaction was legitimate. Photo: SCMP composite/Weibo

Ma Xu and her husband, Yan Xueyong, in the uniforms they wore while serving in China’s armed forces, where they first met. Photo: Weibo

A pioneer for women serving in China’s armed forces, Ma, pictured, became one of the country’s first-ever female paratroopers in 1962. Photo: Weibo

‘Two-dish-rice’ is cheap, fabulously rich and a Hong Kong icon – time to declare it part of the city’s intangible cultural heritage

The two-dish-rice box is a Hong Kjong icon – time to declare it part of the city’s intangible cultural heritage.

Customers line up to order “two-dish-rice” in Yau Ma Tei, Kowloon. Tasty, filling, quick and comforting; the rice box often reminds people of home cooking. Photo: Felix Wong

US Consul General Gregory May bought his “two-dish-rice” box in Central and documented it on Facebook. Photo: Facebook/US Consulate General Hong Kong and Macau

The US consul general’s down-to-earth Hong Kong lunchtime experience became an instant hit with local residents. Photo: Facebook/US Consulate General Hong Kong and Macau

Not only is the rice box an icon of the city, it is the epitome of the Hong Kong spirit. Photo: Xiaomei Chen

Office wear gets sexy twist in viral TikTok trend worn by Jennifer Lawrence, Bella Hadid

Jennifer Lawrence attends the Christian Dior womenswear autumn/winter 2024-25 show at Paris Fashion Week on February 27, 2024. Photo: Getty Images

Jennifer Lawrence attends the Christian Dior womenswear autumn/winter 2024-25 show at Paris Fashion Week on February 27, 2024, showing off the “corporate sleaze” look that has become a viral TikTok trend. Photo: Getty Images

Bella Hadid, seen here in New York on May 2, 2024, was an early adopter of the “corporate sleaze” style. Photo: Getty Images

Kate Moss rocks a corporate sleaze look as she leaves a restaurant in Notting Hill, England after dining with Taylor Swift on June 11, 2024. Photo: Getty Images

Lifestyle

Food & Drink

Fashion & Beauty

Travel & Leisure

Forget big meals out and a Starbucks coffee every other day. Gen Z and Gen Y Koreans are saving, not spending – except on holidays


For YOLO, think YONO: Young South Koreans are becoming more frugal – having fewer fancy dinners out and fewer cups of premium coffee, and spending less in department stores.


No more YOLO for young South Koreans, who buy less and don’t dine out much

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}Forget big meals out and a Starbucks coffee every other day. Gen Z and Gen Y Koreans are saving, not spending – except on holidays

Forget big meals out and a Starbucks coffee every other day. Gen Z and Gen Y Koreans are saving, not spending – except on holidays