Shinhan Card "This Year's Consumption Trend is 'UNLOCK (U.N.L.O.C.K)'"

Focus on Consumption of Exploration Outside the Home (U), New Family Forms (N), Region-Specific Scarcity (L), Normalization of Premium (O), Breaking Boundaries of Time, Gender, and Industry (C), and Sustainable Living (K)

[Asia Economy Reporter Ki Ha-young] This year’s consumer trend has been selected as 'U.N.L.O.C.K,' symbolizing the lifting of restricted daily life and the opening of consumption boundaries.

Shinhan Card announced on the 19th that this keyword was chosen as this year’s consumer trend due to the strong desire for the recovery of daily life after COVID-19.

The Shinhan Card Big Data Research Institute predicted that six elements will play an important role in determining consumption: 'Again, Life Outside the Door (Unbinding In-door)', 'The Era of Neo-Family', 'The Rise of Loconomy (Local Economy)', 'Premium Seeping into Daily Life (Ordinary Premium)', 'Disappeared Boundaries, Borderless (Cracking Border)', and 'For a Sustainable Life (Kick off Sustainability)'.

First, Shinhan Card anticipated that the fatigue from accumulated activity restrictions will make the enjoyment of 'out life' such as sports and nature increasingly important. In fact, while the number of home training sessions, which gained great popularity after COVID-19, decreased by 7% compared to the previous year (based on January to September last year), golf increased by 14%, surfing by 40%, tennis by 157%, and climbing-related payments surged by 183%. During the same period, usage of camping sites and related outdoor goods, representative outdoor activities, also increased by 33% compared to the previous year.

As the unstable daily life continued after COVID-19, a new form of attachment family composed of various companions, called 'Neo-Fam,' is also expected to rise. According to Shinhan Card’s pet-related industry usage from January to September last year, compared to 2019, grooming increased by 50%, cafes by 48%, kindergartens by 43%, hotels by 42%, and funerals by 34%. Also, as evidenced by the increased mentions of companion plants on social media, plant shop usage increased by 34% during the same period.

Shinhan Card foresaw that as lifestyles and tastes become more segmented, interest in products, services, and content embodying the uniqueness of regions and neighborhoods will increase. The number of uses of local concept shops selling products branded with specific regional content rose from 9,100 in 2019 to 10,700 in 2020 and 12,200 in 2021 (January to September). Usage of direct-from-farm delivery platforms for local food also increased by 55% among people in their 40s, 52% in their 50s, and 51% in their 20s compared to the previous year (January to September last year).

Additionally, luxury consumption has expanded beyond high-end brand clothes and bags into everyday household items. For example, yacht tour usage from January to September each year increased dramatically from 1,600 in 2019 to 2,000 in 2020 and 7,300 in 2021, a 371% surge compared to 2019, with people in their 20s and 30s accounting for 67% of users.

The disappearance of boundaries between age, gender, time, industries, and between reality and virtual space is also noteworthy. As traditional boundaries break down, a borderless consumption trend has emerged, breaking free from stereotypes in consumption areas. In fact, the number of men using leggings increased by 111% in January to September last year compared to 2019. Moreover, the proportion of male users has steadily increased in industries such as Pilates and cosmetics.

Finally, Shinhan Card presented sustainable consumption as this year’s consumer trend. The number of uses of conscious fashion, which refers to mindful clothing consumption, increased by 84% in January to September last year compared to 2019, and mentions of eco-friendly challenges in daily life such as plogging and clean hiking on social media also significantly increased.

The Shinhan Card Big Data Research Institute forecasted, "This year, as the crisis caused by COVID-19 is overcome and restricted daily life is lifted, changes in stereotypes and boundaries in consumption areas are expected to begin."