A Thrifty Consumption Boom Driven by Economic Downturn
Dongmyo Secondhand Market and Used Bookstores Bustling
Practicality and Functionality Take Priority Over Others' Opinions
Used goods are gaining popularity among young people. The perception of reluctance to reuse items that someone else has used is fading, and a practical consumption pattern is taking hold.
On the afternoon of the 24th at the Dongmyo secondhand market in Seoul, Yuseonghyun (32) said, “After quitting my job, the period of rest got longer, and I had to save on living expenses, so I started looking for used items. I tried on jeans and shirts and didn’t feel like they were old clothes, so I mostly buy secondhand clothes.” Jung (27), an employee at a vintage shop, said, “We import brands preferred by the MZ generation from the US and Europe and sell them cheaply, so many customers come looking.”
The secondhand bookstore was also crowded. Shin Su-eon (25) said, “I can buy a book that costs nearly 20,000 won for 3,000 won. It’s great because I can reduce living expenses as much as possible with used goods.” Park (65), the owner of the secondhand bookstore, said, “The economy seems tough, so these days many young people come looking for used books.”
According to secondhand trading platforms Junggonara and Bungaejangter, the number of used goods transactions in January and February this year surged by 65% and 45%, respectively, compared to the same period last year. An industry official said, “Due to the overlap of high inflation and economic stagnation, people’s wallets have become thinner, so it seems many prefer used goods over new products.” The consumer sentiment index in February was 95.2, remaining below the baseline value of 100 for three consecutive months since December last year (88.4).
Park Jihyeok (39), raising a three-year-old child in Songpa-gu, Seoul, buys most childcare products secondhand. Park said, “I bought clothes, a bed, and a trampoline secondhand. As my child grows, I stock up in advance whenever items that will be used later come out at low prices.” Shin Yeongyeong (27) said, “I’m moving soon and plan to buy most appliances like a refrigerator and table secondhand. As long as there is no major problem with functionality, I don’t care much that they are used.”
Professor Kim Siwol of Konkuk University’s Department of Consumer Studies said, “Due to rising prices, consumption trends are shifting from whether items are new to focusing on functionality,” adding, “It is a sound consumption method that has a positive social impact in terms of rational consumption, environmental protection, and easing economic burdens.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
