Say "Home-based economic activities" instead of "홈코노미"

'Demarketing' Alternative Term Recommended as 'Demand Reduction'

The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language recommended on the 23rd that the term 'homeconomy' be replaced with the Korean phrase '재택 경제 활동' (jaetaek gyeongje hwaldong), meaning 'home-based economic activities.' They also suggested '수요 축소' (suyo chukso), meaning 'demand reduction,' as the Korean alternative for 'demarketing.'

Homeconomy refers to various economic activities conducted within the home. The selection of the alternative term '재택 경제 활동' was based on survey results. In a public acceptance survey conducted from the 4th to the 9th with about 2,000 participants, 97.2% of respondents answered that the term was appropriate. Additionally, 62.7% agreed on the necessity of having a Korean alternative.

Demarketing refers to marketing activities by companies aimed at reducing the sales volume of their products. The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language decided on '수요 축소' as the replacement term at the New Words Committee meeting held on the 2nd.

The New Words Committee is a panel that provides Korean alternative terms easily understood by the general public before difficult foreign neologisms spread. Experts from various fields such as Korean language, foreign languages, education, public relations and publishing, information and communications, and media participate. The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language plan to continuously promote the use of these alternative terms, encouraging government ministries and media outlets to take the lead.