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136 2017-03-09 [Bizline] The Bye-Buy Sensation

[Bizline] The Bye-Buy Sensation

'Bizline,' Arirang TV's Weekly Economic Magazine Program
□ Air date: Feb. 24 (Fri) 6:30 AM ~ 7:00 AM
□ Theme: The Bye-Buy Sensation

The Bye-Buy Sensation, a New Economic Trend

Arirang TV's economic magazine, 'Bizline,' recently reported the latest economic trend in 2017, the Bye-Buy Sensation.More and more consumers are emptying their lives and throwing away their possessions. Books on organizing one's belongings are topping bestseller lists and social media users are competing to see who can dispose of their things more effectively. Minimalism has become the latest lifestyle trend. This trend was introduced to Korea from Japan. However, the nature of this trend in Korea is different from that in Japan. While Japanese people began emptying their lives and throwing away possessions out of the futility they felt from the long-term recession and a huge earthquake, in Korea, it is those born after the economic growth in the 70s, the ones who have never known poverty, that have taken to the latest life style trend. They are used to fast consumption and disposal. They are also sensitive to fads and capable of getting information on the latest products anytime, anywhere. As such, they do not throw away possessions to practice minimalism. They do so in order to buy new products. Trend experts call this phenomenon the Bye-Buy Sensation. The Bye-Buy Sensation is rapidly changing the market. In order to keep up with the spending cycle that is constantly becoming shorter, small package products are manufactured more, and consumers have shown a preference for mid to low priced products of good quality rather than high quality products with prices to match. As a result, the B+ market is showing a rapid growth. The idea that people no longer need possessions that will last a lifetime has also spilled over into the sharing service sector, resulting in the growth of rental markets. The Bye-Buy Sensation generation, which has adopted the disposal of possessions as a life style, has also shown a marked tendency to spend money on experiences and values.

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