Hyolo is a combination of the Korean term ‘holo’, referring to single-person-based economic activity, and YOLO (You Only Live Once) culture that prioritizes immediate happiness. (image: Korea Federation of Textile Industries)
SEOUL, Dec. 31 (Korea Bizwire) — Next year’s shopping trends are to be described by the term ‘Hyolo’, a combination of single-person economy and YOLO culture.
Hyolo is a combination of the Korean term ‘holo’, referring to single-person-based economic activity, and YOLO (You Only Live Once) culture that prioritizes immediate happiness.
“Next year, the MZ generation (a combination of Millennials and Generation Z) with strong self-attachment and desire for self-satisfaction will become the main consumers,” said Ebay Korea on Monday.
“The qualities of self-attachment will be seen in overall consumption patterns.”
In terms of food, the analysis anticipated that cooking kits, products containing processed recipes and instructions to easily prepare a proper meal, will be able to accommodate the interest of the MZ generation.
In electronics, dishwashers, stylers, robot vacuum cleaners, and other convenient products are expected to be popular next year.
In fashion and beauty, artificially-made fake fur, goods made with the goal of protecting stray animals, and other products that can express one’s beliefs and values are expected to take the spotlight.
For travel and hobbies, consumers, influenced by YOLO culture, are expected to take more interest in premium tourist packages that send them to more distant regions for a longer stay.
“More consumers will want to express themselves through consumption in the online market, and the overall consumption patterns will be driven by the independent, value-centric tendencies of the MZ generation,” said Kim Tae-soo, a senior official at Ebay Korea.
H. M. Kang (hmkang@koreabizwire.com)
