A customer shops at a major discount chain store in Seoul on July 29, 2024. (Image courtesy of Yonhap)
SEOUL, Dec. 17 (Korea Bizwire) – A new analysis of social media data reveals that South Korean consumers are increasingly adopting cost-conscious spending habits, focusing on low-priced and small-packaged products. This shift reflects a growing emphasis on economic efficiency in response to prolonged inflation.
Rising Concerns About Inflation
According to KPR Digital Communication Research Institute, mentions of inflation-related keywords nearly doubled from 448,124 in January 2024 to 862,136 in November 2024, based on an analysis of 6.23 million social media posts.
Although the Consumer Price Index rose modestly from 113.17 in January to 114.4 in November, public concern about high prices remains strong, highlighting persistent financial pressure on households.
Shifting Consumer Preferences
The study found a sharp increase in demand for smaller, more affordable packaging and cost-effective dining options, such as food courts in large supermarkets and fixed-price stores. Mentions of small-packaging and small-portion keywords grew by more than 59% in the past six months, with terms like “price,” “convenience,” and “value for money” frequently appearing.
These trends underscore a growing consumer focus on purchasing only what is necessary while maximizing satisfaction relative to cost.
Smart Spending for a Low-Growth Economy
Kim Eun-yong, director of KPR’s Digital Communication Research Institute, noted, “Major research institutions predict that South Korea may face prolonged low economic growth. Consumers are adapting by prioritizing smart spending—buying economically and focusing on essentials rather than simply cutting back.”
This shift reflects broader economic challenges while signaling a cultural embrace of practical and deliberate consumption habits.
Lina Jang (linajang@koreabizwire.com)
