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K-Food Newsletter

Global Trend / Generation MZ, Emerged as the Core of Consumption
Date
2022-02-24 09:38:43
Hit
5439
Email
agrotrade@at.or.kr

 


The consumption craze of young people is growing. The younger generation used to be on the edge of consumption in the past due to low income, and now they are not only leading the consumption trend but are also emerging as a major consumer group. Korean agricultural products are especially drawing attention from young consumers around the world due to the influence of the Hallyu (Korean Wave).

 

 

#Do you know Generation MZ?
In Korea, young people are called the MZ generation, a combination of ‘Generation M’ which refers to millennials born between 1980 and 1994, and ‘Generation Z’, those born between 1995 and 2004. Generation MZ is familiar with digital devices such as computers, laptops, and smartphones and are sensitive to trends. Social media is a means of communication for the MZ generation and is used the most to acquire various information. As such, Generation MZ is emerging as the largest purchasing customer group while exerting a strong influence on the distribution market of various products.
This phenomenon is not unique to Korea. Young overseas consumers are also leading consumption trends in various fields. The consumption power of young people is so explosive that there is an expression that ‘Consumption starts with young people’.

 

 

#Generation MZ Who Changed the Environment of Agricultural Products Distribution 
People used to directly purchase agricultural products through a grocery store or supermarket to taste them and check their freshness. However, this distribution environment has now changed, as online consumption has become more commonplace which may be due to the impact of COVID-19. It is also Generation MZ, young consumers, that led this change. The spread of online consumption is also changing companies’ marketing. While their marketing was mainly through TV, newspapers, and magazines in the past, now online marketing, especially through social media, has become common. On social media, trend-leading influencers appeared and targeted young consumers, achieving huge success. This phenomenon led ‘live commerce’ to emerge as a new channel of agricultural products sales. In fact, there is a survey that 400 million people in China buy goods through live broadcasting.
It is no exaggeration to say that the consumption patterns of young consumers became the starting point for changing the distribution environment of agricultural products. This starting point is now a generalized consumption form, and young people continue to discover another consumption form.

 

 

#Korean Agricultural Products Penetrated into Generation MZ
Hallyu, represented by K-pop and K-drama, is promoting Korean culture and is driving the popularity of agricultural products. In fact, as the culture of ‘Dohan’, which is means crossing to Korea, is popular in Japan, but since it is impossible to travel to Korea these days, indirectly watching Korean dramas at home and eating Korean agricultural products has become a new trend. 
The consumption trend of young people around the world can be summarized as unique and simple healthy food, and Korean agricultural products align their consumption tendency. For example, in the United States, China, and Japan, a growing number of young people like unique Korean Soju with fruity flavors and garlic bread. In addition, convenience foods such as Korean ramyeon represented by Hot Chicken Flavor Ramen and Tteokbokki, and health functional foods such as Korean Yujacha (citrus tea) and drinking vinegar, are chosen by young overseas consumers. After all, the influence of Hallyu and various Korean agricultural products are gaining popularity from overseas generation MZ who are leading the consumption trend.
An official from the Korea Agro-Fisheries & Food Trade Corporation (aT) said, “A growing number of Generation MZ, who obtains important information through social media, likes Korean agricultural products and is also emerging as major consumers of Korean agricultural products. The popularity of Korean agricultural products that fit their preference trend is expected to continue this year.”

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