Solo economy, Age of *‘Hon-bab’, ‘Hon-sool’, ‘Hon-young’
Solo economy, Korea trend
Media does not only show people’s life for the present but also reflects their needs. Recently, many TV programs such as ‘I live alone’, ‘One night food trip’ or ‘Drinking solo’ shows TV stars eating food alone, traveling alone or enjoying activities alone. It reflects single life style that does not look shabby anymore but even more look confident from enjoying their life.
Due to increased age at first marriage, divorce rate, unmarried rate and increased population aging, single person house hold is also increasing and solo economy is established as a trend.
As a result, products and services that are targeting single person is spreading all over industries. House, food, daily necessity, electronic device and so on. This leads to small and smart product boom such as personal rice cooker, personal sized fruits, small sized housing and so on.
Single person household more likely to seek product and service ‘only for me’. As a result, value based consumption which shows heavy investment for self is also increasing.
Satisfactory investment only for ‘ME’
FOR-ME **Jok (For health, One, Recreation, More convenient, Expensive) , LOEL **Jok(Life of Open-mind, Entertainment and Luxury)
They perceived expense as a way of expression of ‘self’ by spending money on goods which they value rather than spending money on essential item for living.
They also gladly invest high end service or product such as expensive equipment for hobby, private barber shop or hotel package for single so that they improve quality of life for the present, not for the future, and compensate for stressed self as a gift.
*‘Hon-bab’, ‘Hon-sool’, ‘Hon-young’
: ‘Hon’ means single, ‘Bab’ means food, ‘Sool’ means alcohol, ‘Young’ means movie
: Abbreviation of single person who enjoy food, alcohol or movie alone
**’Jok’: Group of people who share common value, lifestyle, purpose, and so on.