"Going to New York" vs. "Staying Home"... Mixed Emotions for 'MZ Year-End'

Saving Bonuses to Rent a Hotel in New York for a 2030 Party
Investment Failure and Career-Interrupted Women Face a 'Quiet Year-End'

The end of the year and Christmas are approaching. On the 9th, ahead of the weekend, citizens visiting Namdaemun Market in Seoul are looking at Christmas decoration items. Photo by Heo Younghan younghan@

[Asia Economy Reporter Jang Sehee] The year-end without social distancing measures for the first time in three years has brought mixed feelings among the MZ generation (born from the early 1980s to the early 2000s). While some are using the savings they accumulated during the COVID-19 pandemic to travel abroad, many others are choosing to stay home due to financial difficulties instead of going out.

On the 21st, Jung (33), who works at a platform company in Gangnam-gu, Seoul, said, "I saved every penny of the bonuses I received over the past two years without spending any," adding, "I am going on a 10-day trip to New York, USA, with my family in the last week of December." Lee Yunhee (28) said, "I booked a flight to New York a month ago," and added, "I saved my annual leave for this overseas trip after three years."

Some in their 20s and 30s are planning parties by renting hotels due to concerns about COVID-19 infection. Jung Moonyoung (33) said, "My university classmates and I booked a hotel in Jamsil, Songpa-gu, Seoul, to hold a year-end party," adding, "The recent Itaewon tragedy is on our minds, and it feels more comfortable to order delicious food indoors and enjoy ourselves." University student Choi Minyoung (23) said, "I booked a pension that allows pets six months ago," and added, "The accommodation fee is 200,000 won per night, but since it’s the year-end, I decided to spend generously."

On the other hand, those who lost money through investments or have no income due to career breaks are distressed.

Office worker Oh Junseok (34) said, "I invested the price of a car in stocks but lost it all," and lamented, "I have to prepare for marriage, but the rising prices are tough." He complained that high inflation, investment failures, and interest rate hikes have made life itself difficult. He said, "Year-end parties are out of the question, and I’m trying to save on dining out by eating three meals a day at the company cafeteria."

Bae (28), who went on maternity leave this year, said, "I am currently on leave due to childbirth, so my income is zero," adding, "Every year at year-end, I always went on overseas trips or stayed at domestic pensions, but this time I plan to cook and eat at home." She added, "Recently, the total loan interest sharply increased from 280,000 won to 410,000 won in six months, which has increased my burden," and "I also reduced dining out from twice a week to once a week."

With the lifting of social distancing measures for the first time in three years during the year-end and New Year period, self-employed business owners expressed expectations for a year-end boom.

Kim (48), who runs a barbecue restaurant in Seongdong-gu, Seoul, said, "Even on Mondays and Tuesdays, which usually had few customers, reservations for groups of eight or more have increased," adding, "I am working hard without taking days off to make up for previous losses." Lee (42), who operates a lodging business in Seodaemun-gu, Seoul, said, "All reservations from the 24th to the 31st are fully booked," and added, "We plan to provide popcorn and drinks free of charge to guests during the year-end." Shim Hyuncheol (47), who runs a delivery-only makchang (grilled pork intestines) restaurant in Seongbuk-gu, Seoul, said, "With the recent cold wave continuing, year-end delivery orders are increasing," and expressed hope that "sales will significantly increase this year-end."

Professor Lee Eunhee of Inha University’s Department of Consumer Studies analyzed, "Because the overall economic situation is poor, polarization in year-end consumption is clearly emerging," adding, "With recent high inflation and high interest rates continuing, most people feel threatened in their household finances, so they will likely plan to spend the year-end and New Year period by saving as a matter of survival." She further pointed out, "If additional price hikes continue in early next year, the number of people struggling with daily life may increase."