* Date : 2018-12-27
Money Monster Episode 30
Economic Review in 2018 : 1conomy
Single-person household has brought about a huge impact on the domestic economy in 2018. Along with its growing influence on the economy, significant changes have taken place in the consumption trends. Considering the changes in consumption patterns along with the growing number of single households, various kinds of products and services have been provided and it has led to the changes in economic trend as well. A growing number of products packed in small quantities has been one of the biggest characteristics of the consumption market for single households. A lot of products packed in small quantities have been provided at a big supermarket. Half-finished food as well as fresh fruits and vegetables have been packed and provided in small quantities. Unlike in the past when large-sized home appliances with diversified functions gained popularity, compact products with reduced price have been newly released, targeting the lifestyles of single-person households. Moreover, the financial sector including banks, insurance companies and card companies has released customized packages for single-person households. The continuous rise of single-person households has brought about significant changes to the consumption trend as well. It has led to the birth of a newly-coined word called "for-me," which refers to a group of people who tend to increase spending on their desired goods. "For-me" consumers don't hesitate to spend money for themselves, in diversified areas including hobbies, cultural and artistic activities as well as traveling, instead of simply purchasing goods. We introduce the rising economic trends that have targeted single households as well as the creation of a new consumption culture.
Economic Review in 2018 : Eco-friendly consumption
The growing awareness of environmental protection has brought about a significant impact on the global economy in 2018. And a lot of countries around the world including Korea have suggested various solutions to protect the environment. Reducing the use of disposable goods and plastic items is one of the examples. And it has led to the movements that ban the use of plastic straw. A straw made with rice has been developed in the domestic market and multi-usable straws including glass straw have gained popularity in the consumption market. Also, an eco-friendly cafe that doesn't provide disposable products has garnered a lot of attention. The recycling market which transforms the waste materials into new products has been in the spotlight. The products with sophisticated designs, that are made with wasted coffee bags, banners and fabrics, have become popular among consumers. Moreover, a lot of green energy sources have been developed. And solar energy has expanded to a wide range of areas. a growing number of energy-independent villages have installed solar panels and a solar-powered waste bin was introduced to the park located in Seoul. We explore the ongoing changes promoted by the consumers and the market which have put top priority on the environmental protection.
Economic Review in 2018 : FinTech
In 2018, the financial industry has provided faster and more convenient services to consumers by introducing cutting-edge technologies. Thanks to the development of non-face-to-face services, customers can get information on various financial packages suggested by robo-advisors at home more conveniently. In the past, identification card was necessary to make financial transactions. However, it has become possible to carry out banking services only with the unique biological characteristics of an individual, including iris, vein patterns and fingerprints. Introduction of blockchain services is another remarkable change that took place in the financial sector in 2018. Everyone who uses the blockchain-based financial services can check the transaction history. It was difficult for the existing financial services to escape from the centralized system. Therefore, the banks and blockchain developers have promoted mutual growth in order to help the financial sector introduce blockchain services more safely. We report on the financial industry which has achieved innovative changes in 2018 thanks to the development of cutting-edge technologies and diversified lifestyles of consumers.