This file photo from June 21, 2021, shows people walking on the streets of Myeongdong in central Seoul. (Yonhap)
SEOUL, May 19 (Korea Bizwire) — “Generation MZ,” a Korean term referring to those aged between late 10s and 30s, is a group of frugal individuals who frequently utilize convenience stores but when it comes to health and self-development, they don’t hesitate to splurge, a credit card company said Thursday.
Shinhan Card Co. analyzed the usage of its credit cards and discovered that the Generation MZ accounted for 62 percent of the overall credit card usage at convenience stores.
On average, they use credit cards at convenience stores five times per person per month, which is more frequent than the 2.9 times for other generations.
However, their average monthly spending per transaction is 6,000 won (US$4.50), lower than the 8,000 won spent by other generations.
The Generation MZ’s share in credit card usage at coffee shops and restaurants was 67 percent and 52 percent, respectively, in the first half of this year.
Regarding online payments, they experienced a growth of 113 percent last year compared to 2019, which was 10 percentage points higher than that of other generations.
Nevertheless, they exhibited a willingness to pay higher prices when it came to personal expenditures.
In the first half of last year, the Generation MZ’s credit card spending saw robust growth of 373 percent for online personal training, 336 percent for tennis courts, 202 percent for indoor and outdoor golf courses, and 150 percent for sports centers.
In the first half of this year, the Generation MZ dominated the usage of photo studios, accounting for 80 percent, representing a 287 percent increase compared to the figure recorded in 2021.
J. S. Shin (js_shin@koreabizwire.com)
