SEOUL, Feb. 12 (Korea Bizwire) — A recent survey found that one in two people in their 20s and 30s have positive perceptions of the “flex” consumption trend, a form of consumption in which people boast while spending money on expensive products.
According to a survey of 3,064 people in their 20s and 30s conducted by online job portal Saramin, 52.1 percent said they think flex consumption is positive.
As for why they like flex consumption, 52.6 percent of respondents said “because of the importance of self-satisfaction.”
Other important reasons included 43.2 percent citing “because time to enjoy expensive luxury is limited,” 34.8 percent choosing “because flex is good for relieving stress,” and 32.2 percent citing “because flex is about enjoying life.”
More than half of the respondents, 54.5 percent, said they would like to spend more on flex consumption in the future, and they picked “high-priced luxury,” accounting for 40.8 percent, as their top spending priority.
Following on the wish list was 36.7 percent hoping to “travel the world”, 27 percent wanting to “eat good food,” 24.6 percent hoping to “buy an automobile,” 23.2 percent wishing for “real estate such as houses and land” and 21.6 percent hoping for “electronic appliances.”
Meanwhile, 26.7 percent of the respondents said they had experienced flex consumption.
There was little difference in the flex items purchased compared to the wish list.
High-priced luxury goods topped the list of purchases, accounting for 53.1 percent, followed by world travel at 28.6 percent, food at 26.1 percent, electric appliances at 26.1 percent, and automobiles at 21.6 percent.
Respondents spent an average of 8.4 million won (US$7,100) to ‘flex’ throughout the year.
As for how often people flexed, 25.6 percent said once a year. Flex consumption was mainly paid using monthly salary, which accounted for 70 percent.
In addition, savings accounted for 30.8 percent, and credit card installment accounted for 13.4 percent.
On the other hand, 1,467 respondents had a negative opinion about flex consumption.
They picked “because they thought it promotes excessive consumption,” which accounted for 67.7 percent of the responses, as the main reason why they were in opposition.
Excessive consumption was followed by 36.3 percent saying “flex is like having a false dream”, 26.7 percent who said “flex makes me feel a sense of relative deprivation”, and 10.6 percent who chose “flex does not allow one to pursue economies of scale.”
Ashley Song (firstname.lastname@example.org)