Shinhan Card Selects 'Gongjon' as the 2023 Consumer Change Keyword

Attention to Consumption Detox, Dense Preferences, Hybrid Life, Health Specs, and Colorful Society Trends

[Asia Economy Reporter Yu Je-hoon] Shinhan Card announced on the 12th that it has selected 'co-EXIST' as the keyword for next year's consumption trends. This keyword was derived by Shinhan Card Big Data Research Institute through analysis of customer consumption data and social data.

Shinhan Card Big Data Research Institute forecasted five detailed keywords under the letters of 'co-EXIST' as next year's consumption trends: ▲Era of Consumption Detox ▲Xenogenesis of Tastes ▲In the Hybrid Life ▲Spec for the Healthy Life ▲Think of Colorful Society.

The first keyword, Era of Consumption Detox, refers to a lifestyle that does not simply reduce consumption blindly but aims to consume more cost-effectively and wisely by utilizing various platforms. For example, the use of platforms where consumers can purchase food products nearing their expiration date at a low price is increasing, and the use of mobile coupon trading platforms, where necessary coupons can be bought at discounted prices and unnecessary coupons can be sold for profit, is also on the rise.

Analysis of Shinhan Card customers' usage of food malls with near-expiration products from January to September this year showed that compared to the same period last year, the number of uses increased by 22%, the number of users increased by 17%, and the amount spent increased by 10%. The number of uses of mobile coupon trading platforms increased by 183% compared to the same period last year, based on cumulative data for the third quarter of 2022. Furthermore, analysis of social data mentions from January to September showed that mentions of words related to consumption detox increased compared to the same period last year: 'half price' by 12%, 'app-tech' by 46%, and 'no-spending challenge' by a remarkable 864%.

The second keyword, Xenogenesis of Tastes, refers to the phenomenon where more people delve professionally into their areas of interest, expanding the perception that specialized fields, which were once difficult for the general public, can become personal tastes and hobbies, and the use of platforms where one can learn specialized areas is increasing. From January to September, spending at art museums and galleries increased by 36% compared to the same period last year. In particular, the 20s and 30s age groups increased by 55%, while other age groups increased by 26%. During the same period, spending on liquor-specialized platforms increased by 457%.

In the Hybrid Life refers to the phenomenon where, influenced by the COVID-19 pandemic, digital and robotic technologies have advanced, creating everyday spaces where humans and machines harmonize. From January to September 2022, the number of uses of unmanned stores increased by 48% compared to the same period last year, with unmanned laundromats increasing by 22%, ice cream stores by 31%, convenience food stores by 86%, cafes by 96%, and stationery unmanned stores by 623%.

The fourth keyword, Spec for the Healthy Life, means that due to increased interest in health, health has moved beyond mere maintenance to the realm of 'specs' that must be continuously managed and upgraded. Analysis of Shinhan Card's usage of psychiatric clinics showed that the number of users in the third quarter of this year increased by 16% compared to the first quarter of 2019, before COVID-19.

Additionally, according to a survey conducted by Shinhan Card targeting 1,200 men and women aged 20 to 70 nationwide, the percentage of respondents who said they increased activities for mental health after COVID-19 was 17.7% for those in their 20s, 20.1% for those in their 30s, 11.1% for those in their 40s, 12.9% for those in their 50s, and 13.7% for those in their 60s. Also, the response rate to the question 'Would you consider psychiatric treatment when necessary?' was 32.5% for those in their 20s, 42.1% for those in their 30s, 32.2% for those in their 40s, 33.3% for those in their 50s, and 23.5% for those in their 60s.

The last consumption trend keyword presented by Shinhan Card is Think of Colorful Society. It means that minority groups are regarded as new consumer classes, businesses targeting these groups are gaining attention, and a social atmosphere is forming that understands individual characteristics as diverse colors.

For example, even in food culture content dominated by 'mukbang,' there is recognition of those who eat small amounts under the name 'Sosikja,' and positive perceptions of 'Dolsing,' meaning divorced individuals, are higher than in the past, showing that diverse tastes and values exist and are respected.

Analysis of social data by Shinhan Card showed that from January to September this year, mentions of mukbang decreased by 34%, but mentions of Sosikja increased by 4766%. Also, among words related to Dolsing, the proportion of positive sentiment words increased by 16.4 percentage points from 45.9% in the cumulative third quarter of 2019 to 62.3% during the same period this year.

Shinhan Card Big Data Research Institute stated, "In the endemic situation, a new way of life is emerging that acknowledges differences from oneself, accepts changes, and creates together," and added, "Shinhan Card will continue to evolve as the number one life & finance company that understands customers' deep needs and provides new customer experiences in line with changing consumption trends."