[MZ Tech] The Thrifty Generation Showcasing Savings 'Jjantech'... The Evolution of Jarinkobi

Saving Lunch Money but Not Feeling Down: The MZ Mindset
Diet and Environmental Protection with 'Double Benefit Jjantech'
Challenging Zero Spending, Earning Coffee Money through App Tech for a Sense of Achievement↑

'Daily life of a couple in their 30s saving OO% of their salary', 'One-week no-spending challenge', 'Single-person household fridge clean-out vlog'.

These are recent content titles frequently seen on video platforms like YouTube. As a new financial strategy called 'Jjantech'?a frugal tech approach?has emerged among the MZ generation (Millennials + Generation Z) amid high inflation, similar titles have increased. The protagonists include newlyweds who focus on saving as much as they earn and document the process as video diaries, young people who film a week living with spending close to zero, and single-person households who use ingredients in their fridge to prepare meals without additional purchases.

Since ancient times, there have been thrifty people like the miser or penny-pincher, even when dried croakers were hung from the ceiling for meals, but the MZ generation’s approach to saving is somewhat different. The biggest change is breaking the past negative perception and taking on saving as a 'challenge,' sharing this process on social networking services (SNS). Through this, people undertaking similar challenges share information and gain motivation to continue. Another difference from the past is that this financial strategy of 'saving more by spending less' is accepted as an achievement.

Seven Eleven Juhyunyoung Lunchbox. [Photo by Seven Eleven]

Cutting lunch costs while dieting and protecting the environment? 'Two birds with one stone Jjantech'

Office worker Park Si-eun (32) recently started bringing lunch boxes to work. She plans simple lunch menus for the week on weekends, shops accordingly, prepares meals the night before, and takes them in the morning. Park said, "At first, eating lunch alone with a packed lunch was awkward, but now I’m used to it," adding, "It has helped reduce unnecessary overeating and supports my diet."

The 'basic level Jjantech' for students and office workers is saving on lunch expenses. Last year, the new term 'lunchflation' (lunch + inflation) emerged as dining-out prices surged, leading to a significant increase in people buying convenience store lunch boxes and those bringing their own. Major convenience stores like GS25, CU, and 7-Eleven saw lunch box sales growth rates of 24.6% to 41.2% last year. In an era when it’s hard to buy a full meal with 10,000 won, many seek cost-effective convenience store lunch boxes priced around 5,000 won. The industry is diversifying consumer choices by developing value-for-money lunch boxes featuring celebrities like Kim Hye-ja, Baek Jong-won, and Joo Hyun-young. As a result, convenience store lunch box sales increased significantly by 35% to 42.7% this year despite last year’s high base.

As a consumer culture aiming to minimize fixed expenses gains attention, efforts to reduce coffee costs by using tumblers at cafes and to bike instead of taking buses or subways during commutes are spreading. This not only saves living expenses but also aligns with the value consumption trend emerging among the MZ generation, who consider health and the environment, creating a twofold benefit. The household goods industry expects this trend to continue beyond a mere fad and is launching lunch box containers featuring characters popular with people in their 20s and 30s, as well as tumblers with sophisticated designs.

When the Jjantech level rises, people consider no-spending challenges. This involves living without spending for a set period. The goal is to avoid generating expenses, but through this process, people become aware of even small expenditures and ultimately reduce unnecessary spending. According to a survey conducted last year by Embrain Trend Monitor of 1,000 Koreans, 54.2% said they were willing to participate in a no-spending challenge. The top reason for supporting the challenge was 'to reduce unnecessary expenses' (65.6%). Additionally, 76.6% felt that more people are trying to save money, even if not fully participating in the challenge.

Saving small change to earn coffee money... Unique financial tech using apps

For Jjantech enthusiasts, app-based financial tech (app-tech) that accumulates small amounts of money is indispensable. Apps in various fields such as finance, education, and health offer monetary benefits like points, cash, or rewards when users complete simple missions to encourage participation. For example, points are awarded based on accumulated study time, or by opening the app and walking a dog. Cash is given for walking 10,000 steps, or rewards are provided based on frequency when using public transportation with the app open. Users can also earn points by interacting with icons of other users nearby who have the same app open. It is not uncommon to see office workers gathering at crowded places near City Hall during lunch hours to participate in a '10-won pickup challenge.' Participants explain that collecting 10 won coins adds up to 100 won, and over a month, they can easily earn enough for a cup of coffee.

Jjantech enthusiasts appreciate earning coffee money from small change, while app operators benefit from using this as a marketing tool. According to a survey by Incruit last year of 1,707 adults about app-tech participation and reasons, 75% said they use app-tech. Among them, 68.5% said they use it daily, with an average daily income of 312 won. Saving small amounts without spending builds a sense of achievement through financial tech. According to Hana Bank’s Hana Financial Management Research Institute’s '2023 Financial Consumer Trends and Financial Opportunities Report,' 71% of consumers intend to use small-amount financial tech services for financial management this year.