[Jihye Choi's Trend 2023] Consumers Weighing 'Time Efficiency' Amid Overwhelming Information Choices

Consumers Seek the Most Optimized Choices
Even for Trivial Matters
"Netflix Syndrome" Emerges as People
Give Up Watching After Endless Searching
Old Dramas and Shows Regain Popularity
Because Proven Fun Means Less Risk of Failure

"What are you watching on Netflix?"

These days, this is a common advertising campaign by Netflix that you can easily see on buses or subways. "Right, what should I watch today?" If this thought crossed your mind after seeing the ad, you might be experiencing Netflix Syndrome. Netflix Syndrome refers to the phenomenon of having difficulty deciding what to watch or spending more time searching for content than actually watching it, leading to giving up on viewing. Although Netflix's original content lineup displayed on large subway billboards is dazzling, the more options there are, the harder it is to decide.

Is it really just Netflix? In a 'Trend Analysis' class, the issue of "Why are old dramas and old variety shows popular again on YouTube these days?" was discussed. Naturally, I thought it was part of the Newtro trend, where people are interested in old things, but an unexpected answer came from the students: "Because they don't want to fail." In an era overflowing with content, there are many options, but most are unverified, so it's hard to know what is fun. Among them, content like 'Infinite Challenge,' which guarantees fun across generations, has a lower chance of failure. Only then did I understand why people experience Netflix Syndrome. After a busy day, they don't want to spend their precious viewing time on boring content. Ironically, the fear of failure prolongs the time spent agonizing over choices.

These days, the struggle of consumers wanting to avoid failure is noticeable. Some might ask, "Who likes failure?" That's true; no one likes failure. The recent change lies in the pursuit of the most optimized choice even in trivial matters, not just big decisions like life goals or career paths. This is especially true in consumption.

"What should I eat today?" is an area as prone to failure as content selection. As of December 2022, the number of menu items registered on the Baedal Minjok (Baemin) delivery app exceeded 26.83 million. The more options there are, the higher the chance of failure. Afraid of regretting a precious meal, we hesitate and worry in front of many choices. So how do we make choices that minimize failure among so many menus?

One representative method is to seek out an expert called a 'Jjeopjjeop Doctor' (literally 'Munching Doctor'). The expert doesn't have to be a chef who graduated from a famous culinary school. Sometimes, it’s the restaurant owner, sometimes a part-time worker at the restaurant, or an influencer who knows the hidden gems in our neighborhood who transforms into an expert recommending the best food for me. It’s a kind of food curation. Recently, on YouTube or TikTok, there are many 'part-time worker recommended' 'honey combinations' content. For consumers overwhelmed by countless options, the part-time worker’s recommendation becomes the right answer tailored to the situation. On delivery apps, recommended menus for regret-free choices are also popular. Recently, many restaurants highlight signature menus such as 'Our Store’s Representative Menu' or 'Owner’s Recommended Set Menu.' Actual data shows that consumers click on representative menus more than regular menus.

Reviews are also important. Recently, consumers have their own criteria for judging reviews, with ratings and the number of reviews being key. Finding a restaurant with a good rating is as important as 'Midgeo-sam' (literally 'trust and filter 3-point restaurants/cafes'). This means eliminating restaurants with low ratings from the options. Therefore, many now set the search filter on delivery apps to 'rating 4.5 or higher.' Similar to reviews, to reduce failure, people also choose restaurants where they have to queue. This is because they rely on the herd mentality that if others are lining up, the food must be good. Apps for queuing like Tableing are already well known, but among them, Streetcaster is interesting. Streetcaster is a platform where users report real-time hot place information, like a weathercaster reporting the weather. For example, if I want to go to a restaurant A but expect a long wait, I can check the queue situation in front of the restaurant on Streetcaster without going there. This prevents wasting time if I had gone directly to the restaurant.

Why do we want to avoid failure even in trivial choices like selecting content or dinner menus? The most important reason is the abundance of options. Patrick J. McGinnis, an American venture capitalist and author, points out that the spread of social networking services (SNS) combined with excessive abundance has led to the emergence of 'FOBO Syndrome.' FOBO stands for Fear Of Better Options, meaning the anxiety that there might have been a better choice. According to McGinnis, even searching for a shoelace on Amazon yields over 2,000 products, and Starbucks offers 80,000 drink combinations. This 'abundance of choice' causes anxiety that others might make better choices, leading to longer decision times. Even after making a choice, regrets linger, thinking that one missed the chance for a better option.

It is also important that as options increase, the value of time rises. Nakamura Naofumi, a chief columnist for the Nihon Keizai Shimbun, analyzes that digital technology has made human life convenient but simultaneously exploded the amount of information. While the number of options to choose from has increased exponentially, time is limited, so modern people feel pressured to make optimal choices. In short, there are many options to choose from and many experiences to have, but time is limited, so the opportunity cost of failure has increased. In Japan, a new term 'Taipa' has emerged regarding this. Taipa is short for Time Performance, meaning performance relative to time, or time efficiency.

Going forward, consumers will increasingly consider efficient time use. Although the atmosphere where even small failures are not tolerated to maximize efficiency within limited time is somewhat bittersweet, it also means that small strategies to manage consumers’ time and reduce failure have become necessary. It is a time when market responses that can rescue consumers trapped in the swamp of diverse options are eagerly anticipated.

Choi Ji-hye, Research Fellow, Consumer Trend Analysis Center, Seoul National University