Buy and Sell Unused Gifticons... Survival Strategies for 2030 in the 'High Inflation Era'

Active Gifticon Trading in Soaring Prices
'No-Spending Challenge' Trend on SNS

Photo by Pixabay.

[Asia Economy Reporter Heo Midam] # Kim Seoyoung (26), an office worker living alone in Mapo-gu, Seoul, recently sold a chicken gifticon she received from an acquaintance through an app. Kim said, "I appreciate the thought behind the gift, but the amount of chicken was too much for me to eat alone, so I thought I would leave some uneaten," adding, "In that case, I thought it was more reasonable to sell the gifticon." She continued, "With prices rising so much, I find myself thinking about how to spend less and earn more, even by a little."

Recently, in the era of high inflation, the trend of frugal consumption is spreading. A few years ago, the 'flex' culture, where people bought luxury goods without hesitation, was popular, but as prices have skyrocketed, consumer behavior aimed at minimizing spending has emerged. Especially among young people, it is common not only to save money but also to share their own saving tips online.

Among young people, the so-called 'Jjantech' trend, which means saving money by cutting unnecessary expenses, is gaining momentum. A representative Jjantech method is trading gifticons. This allows individuals to easily buy and sell mobile coupons they own through secondhand trading apps. Sellers can cash out gifticons that are difficult to use, and buyers can purchase needed gifticons at prices lower than market value.

As the Jjantech trend grows, mobile coupon trading platforms are showing growth. The gifticon trading platform 'NikonNaekon' recorded a cumulative transaction amount of 111.5 billion KRW as of last month, and the cumulative app downloads have exceeded 880,000. The cumulative number of members reached 630,000.

Office worker Kim Kyungmi (27) said, "Sometimes there are no stores nearby, so even if I receive gifticons, I can't use them. I used to worry about how to handle them, but then I started selling them through an app," adding, "Selling unused gifticons has become a nice side income."

[Image source=Yonhap News]

Meanwhile, on social networking services (SNS), the 'No-Spending Challenge,' which aims to avoid spending a single penny, is trending. The No-Spending Challenge means drastically reducing consumption, such as going through a day without spending any money.

Participants join the challenge by packing lunch early in the morning instead of buying it, and drinking instant coffee available in the office pantry instead of going to a cafe after meals. On Instagram, it is easy to find photos of household accounts meticulously recording daily expenses and income, as well as calendars marking the days they succeeded in 'no spending' during the month.

A netizen participating in the No-Spending Challenge said on Instagram, "I even gave up a dinner appointment with colleagues today to do the challenge," adding, "I was about to eat at home, but when I looked in the fridge, there was hardly anything to eat, and I felt sorry for myself. But I endure it with the belief that someday I will become rich."

Other Jjantech methods include the so-called 'fridge raiding,' which involves cooking with ingredients stored in the refrigerator, and 'digital recycling,' which uses apps to collect small change.

Meanwhile, the government expects the inflation rate to slow down around October. On the 15th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said at the National Assembly’s Planning and Finance Committee plenary session, "Although the exchange rate rose rapidly, I cautiously expect that consumer prices will peak by around October at the latest, and after that, there will be a slight but gradual stabilization trend."