A Glimpse of Changing Consumer Trends and Employment Environment
As the 'open run' phenomenon spreads from limited-edition luxury goods to daily necessities, news of voluntary retirement programs at major companies is emerging one after another, deepening economic polarization. The open run seen in changing consumption patterns and voluntary retirement driven by corporate management deterioration or restructuring needs reflect the instability of today's economic structure and the resulting competitive psychology.
The New Battleground for Consumers: 'Open Run'
Open run refers to the phenomenon where many people rush competitively to purchase specific products as soon as a store opens. This phenomenon is especially prominent when limited-quantity products, sale items, or new releases from popular brands are launched. While open runs were mainly seen in luxury brands such as Chanel, Louis Vuitton, and Hermes, they have recently expanded to include daily necessities, broadening their scope.
Upon hearing the news of 'four domestic live squid for 10,000 won,' I participated in a department store open run. Arriving early in the morning, I found many people already lined up. As soon as the department store opened, consumers quickly rushed to the underground food section, and observing this, I realized that they were not merely buying discounted items but pursuing the experience of 'winning' in consumption. Securing limited quantities first goes beyond just buying goods cheaply; it leads to a sense of achievement from obtaining what one wants before others. Through open runs, consumers experience 'scarcity' by investing resources such as time and effort. In this process, consumption transforms into a competitive form and acts as a factor providing psychological satisfaction.
Open runs also appear for purchasing 'cabbage' for kimchi-making. As cabbage prices surged during the kimchi season, major large supermarkets began selling discounted cabbages in limited quantities. With cabbage prices soaring to around 9,000 won per head, scenes of housewives lining up early in front of large supermarkets to buy discounted cabbage have become frequent. E-Mart started pre-order sales of salted cabbage from the 25th, Lotte Mart sold 20kg salted cabbage in limited quantities for 40,000 to 60,000 won from the 20th, and Homeplus sold 20kg cabbages in three rounds starting from the 9th at around 39,000 won. A distribution industry official explained, "It is unusual for open runs to occur even for essential ingredients," adding, "As the burden of rising prices grows, consumers are increasingly making thrifty purchases."
Open runs have established themselves as a cultural phenomenon beyond simple consumer behavior, especially gaining influence among the MZ generation. After author Han Kang won the Nobel Prize in Literature on the 10th, readers flocked to bookstores as soon as they opened to buy his books. This was not just about buying a book but reflected consumers' desires for literary achievement and social recognition. By purchasing before the book sold out, readers feel satisfaction in participating in social trends, which holds value beyond merely buying a book.
Starbucks is also a representative case of the MZ generation's open run. Every winter season, Starbucks releases limited-edition goods, and consumers quickly collect e-frequencies to obtain them. This event, where e-frequencies earned by drinking beverages can be exchanged for limited-edition diaries, portable lamps, and other goods, induces competition among many consumers. Limited-edition goods have scarcity, and by owning them, consumers feel pride in having had a special experience different from others.
Voluntary Retirement, Employment Instability, and Corporate Choices
If open runs reflect consumers' competitive psychology, another phenomenon appearing in the employment market is 'voluntary retirement.' Voluntary retirement is a method where companies experiencing management difficulties or needing restructuring encourage employees to resign voluntarily by offering a kind of 'compensation.' This is common in the Korean corporate environment, where layoffs are legally difficult, so voluntary resignation is induced as a compromise.
Recently, NCSoft implemented a large-scale voluntary retirement following the failure of a new game. This voluntary retirement, the first since 2012, offers up to 30 months' salary depending on years of service. Considering that NCSoft's average employee salary exceeds 100 million won, the scale of this voluntary retirement is considerable. This reflects the fierce competition and high risks in the gaming industry and is one way companies adjust manpower to survive.
The distribution industry is also experiencing a wave of voluntary retirements. Seven Eleven conducted its first voluntary retirement since its founding. The convenience store industry has reached market saturation, losing growth momentum amid fierce competition. Accordingly, Seven Eleven implemented its first voluntary retirement in 36 years, reducing some personnel to cut costs. Such voluntary retirements are also underway at large distributors like Lotte and Shinsegae, and the e-commerce industry faces similar issues.
Voluntary retirements are frequently occurring in telecommunications and finance sectors as well. SK Telecom recently operated a voluntary retirement program offering up to 300 million won in retirement pay, and KT and POSCO took similar measures for subsidiary spin-offs and manpower reallocation. In the financial sector, about 6.5 trillion won in voluntary retirement payments have been made from 2019 to this year. Citibank notably drew attention by paying an average of 600 million won in retirement benefits.
Voluntary retirement holds particular significance in Korea's legal structure. In countries like the United States, large-scale layoffs are relatively easy when companies face management difficulties. However, in Korea, layoffs are very difficult unless there is an urgent managerial reason, so companies induce voluntary resignation through voluntary retirement. This strategy aims to reduce costs from the company's perspective while minimizing conflicts by providing additional financial compensation to retirees.
Open runs and voluntary retirements are examples showing how consumers and companies respond to changing market environments. Although these phenomena occur in different fields?consumption and employment?they share the commonality of competition to secure limited resources and opportunities. In open runs, consumers compete to purchase limited goods first, while in voluntary retirement, employees act on the psychology of securing maximum retirement benefits. Both phenomena reflect the uncertainty and competitive psychology of modern society and are expected to occur more frequently as economic structural instability continues.
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