Following the MZ Generation, the 'Real Adults' Yold Generation Emerges... The '5060' Becomes Major Players in the Fashion Industry

'Young&old'... The Rise of Yold Generation
Increasing Purchasing Power Based on Economic Strength
Fashion Industry Targeting Middle-Aged and Older Adults

Senior model Kim Chil-du Classico model cut. Photo by E-Land

[Asia Economy Reporter Song Seung-yoon] The ‘Yold’ generation, referring to elderly people who live youthfully, is emerging as a major consumer force in the fashion industry. This is the result of the increasing elderly population due to aging, combined with strong purchasing power based on economic and time affluence.

According to the industry on the 22nd, in recent years, the fashion industry's main focus has been on the MZ (Millennial + Generation Z) generation. Meanwhile, the middle-aged and older generation, who have relatively higher purchasing power, are gradually becoming the mainstream in the fashion industry. The importance of this group has also been highlighted as online shopping accessibility has increased due to influence from their children’s generation. In particular, the number of ‘Yold’ people?who take great interest in fashion, beauty, and leisure activities and strive to live youthfully?is on the rise. ‘Yold’ is a portmanteau of ‘Young’ and ‘Old,’ mainly representing the baby boomer generation born between 1946 and 1964. Globally famous American fashion director Nick Wooster is a representative Yold figure. In Korea, senior models and YouTubers such as Yeo Yong-gi, Kim Chil-du, ‘Park Makrye Halmeoni,’ and ‘Milanonna’ are notable examples.

In the fashion industry, Sejeong mainly operates brands targeting the middle-aged and older demographic. Representative brands include men’s and women’s wear brands such as ‘Wellmade,’ ‘Indian,’ and ‘Olivia Lauren.’ Since these brands target the middle-aged and older generation, their business is primarily offline-based, focusing on street stores. Sejeong experienced a downturn as sales were mainly through outlets, department stores, and street stores, resulting in a delayed response to online demand. However, starting this year with the reopening, trendy designs have been applied to middle-aged and older brands through product directing. For example, most cropped-length jackets introduced by Olivia Lauren showed nearly a 90% sales rate and went into reorders, marking a hit. Additionally, star marketing with actors like Lee Ji-ah and singer Lim Young-woong attracted many new customers, revitalizing online channels. As a result, sales in the first half of this year increased by 20% compared to the same period last year.

LF also boasts traditional middle-aged and older fashion brands such as ‘Daks’ and ‘Hazzys.’ These brands used to have a strong old-fashioned image but are now aiming to become ‘Ageless’ brands that can appeal to the MZ generation as well. At the end of last year, Daks hired Luc Guadaudon, a world-renowned creative director (CD) formerly of Burberry, as the overall CD. LF plans to expand categories, brands, and product competitiveness that understand the tastes and needs of the Yold generation through LF Mall. They will also work on UI/UX updates and payment convenience improvements to build a smooth shopping environment.

Fashion platforms are also launching platforms targeting the middle-aged and older demographic one after another. Kakao Style launched the shopping app ‘Posty’ last August, targeting women in their 40s and 50s. Posty has accumulated 2.4 million downloads so far, and its transaction volume in the recent five months (August to December) grew by 511% compared to the same period last year. The number of brands on the platform currently exceeds 900, nearly 3.5 times more than the 260 brands at the beginning of this year. Posty is expanding its categories beyond fashion brands to include men’s, luxury, beauty, and other fields. The app is continuously being enhanced with various content collaborations with YouTubers and features such as color-based filters.

The Samsung Fashion Institute, in its ‘2023 Fashion Market Outlook and 2022 Top 10 Fashion Industry Issues Report,’ stated, “From a market perspective, while the focus has been on the MZ generation, attempts to turn attention to the Yold generation, which has been somewhat neglected, are necessary.” It explained, “The Yold, who express their individuality based on high standards, tastes, and styles, are increasingly recognized as a strong consumer group outside the MZ generation, referred to in various places as ‘WAVY (Wealthy·Active·Value·Youth)’ or ‘Generation A.’”