Seoul National University Consumer Trend Analysis Center Presents 'Cherry Consumer' as Next Year's Trend
Cherry Consumer, Oriented Towards Rational Consumption... Prefers Small Packaging and Small Quantities
[Asia Economy Reporter Heo Midam] Recently, as the trend of high inflation continues, so-called 'cherry-sumers' who pursue rational consumption are gaining attention. Cherry-sumers is a newly coined term referring to strategic consumers who spend as frugally as possible, characterized by a preference for inexpensive small-pack and small-quantity products and actively using coupons.
Recently, Professor Kim Nando of Seoul National University's Department of Consumer Studies and the Seoul National University Consumer Trend Analysis Center published the book "Trend Korea 2023," which contains forecasts for next year's trends. The book presents the top 10 consumer trend keywords for next year, including ▲cherry-sumers, ▲office big bang, ▲average disappearance, ▲index relationships, and ▲Neverland syndrome.
Cherry-sumers are distinguished from 'cherry pickers,' who only look out for their own benefit. The term cherry picker comes from the act of picking only the cherries off a cake, referring to consumers who take advantage of benefits without making purchases. It is mostly used in a negative sense.
Cherry-sumers represent an evolved concept from cherry pickers, referring to consumers who aim for extreme rational consumption. They try to reduce economic burdens by purchasing only the necessary amount of groceries according to their lifestyle or by jointly purchasing daily necessities with acquaintances. They also actively utilize various membership benefits and discount coupons to buy goods as cheaply as possible.
The emergence of cherry-sumers is related to the recent sharp rise in prices. According to the "2022 Q3 Regional Economic Trends" released by the Statistics Korea, consumer prices in the third quarter rose 5.9% compared to the same period last year. This is the highest level in 24 years since 1998 (7.0%) for the third quarter.
In other words, as the high inflation situation continues, unlike the past trend of conspicuous consumption such as 'flex,' a saving-oriented consumption trend called 'jjannmul consumption' has become popular.
As a result, various online communities and social networking services (SNS) continuously share tips on how to buy goods more cheaply. Netizens reduce economic burdens by using discount transportation cards to lower transportation costs and by using budget phones instead of expensive plans to save on communication fees.
Son, a 26-year-old office worker living in Mapo-gu, Seoul, said, "My salary remains the same, but with rising prices, even grocery shopping is intimidating," adding, "Since I live alone, it is more advantageous to buy only what I need at the moment rather than stocking up on ingredients all at once."
Experts analyze that the number of people trying to refrain from unnecessary consumption to prepare for an uncertain future has increased. Professor Lee Eunhee of Inha University's Department of Consumer Studies said, "At one time, consumption trends that emphasized the present, such as 'YOLO' and 'flex,' were popular. However, as prices rise, consumers have started to think they need to prepare for uncertain future situations."
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