Shinhan Card recently identified “SPARK” as the defining keyword for this year’s consumer trends. (Image courtesy of Yonhap)
SEOUL, Jan. 18 (Korea Bizwire) — Shinhan Card recently identified “SPARK” as the defining keyword for this year’s consumer trends. This acronym encompasses five specific sub-trends: ‘Start the Time Revolution’, ‘Pivot Family Model’, ‘Age of Funflation’, ‘Ripples of Stimulating Polarization’, and ‘Keep an Eye on Tasty Entertainment’.
The ‘Start the Time Revolution’ trend indicates a shift towards valuing efficiency over time, accelerated by the outsourcing of household chores and the rise of generative artificial intelligence (AI).
Shinhan Card’s analysis of its customers’ use of home labor platforms from January to March last year showed a notable change in user demographics compared to the same period in 2019. Usage among people in their 20s and 30s decreased from 77% to 57%, while it increased from 23% to 43% for those aged 40 to 60.
The ‘Pivot Family Model’ reflects a trend where various family members share responsibilities in childcare and household chores. Analysis of Shinhan Card customers’ usage of children’s museums, kids’ cafes, pediatric services, and educational materials from January to September last year revealed a significant increase in usage among customers over 60 compared to those under 60.
‘Age of Funflation’ suggests increased spending on experiences despite a global economic downturn, while ‘Ripples of Stimulating Polarization’ indicates a trend of pursuing extreme sensations and dopamine detox consumption.
‘Tasty Entertainment’ is emerging as a new luxury, especially in the context of economic downturns, where food is more accessible than high-end products like luxury goods.
Shinhan Card predicts a shift in consumer spaces towards experiential venues, with increasing visits to art spaces and a growing popularity of ‘spaces of inspiration’.
Furthermore, Shinhan Card anticipates a deepening polarization between consumption of stimulating foods like malatang and short-form, romantic web novels, and detoxing consumption through low-sugar, alternative dairy, and mild-tasting foods and low-stimulation content.
Ashley Song (ashley@koreabizwire.com)
