MZ, Who Are They?
People who previously spent money on luxury clothes and taxi fares for instant gratification are now drinking 2 liters of water a day and waking up at 7 a. m. for long-term self-improvement, and immersing themselves in the new lifestyle of gatsaeng. Rather than huge goals or significant achievements, gatsaeng’s aim is to feel a sense of accomplishment by starting with small actions that can be done right now. Most of these habits are trivial, like getting up early, working out, drinking two liters of water, and reading. Moreover, they do not forget to post these small practices on social media. Millions of hashtags have already been created, including #owoonwan, used to describe the completion of today’s workout, #miraclemorning, used to describe the practice of waking up early to maximize efficiency, and #gatsaengchallenge, used to describe creating a checklist of daily goals and carrying out these tasks. This emerging lifestyle not only brought about a change in people's mindset but also a change in people's consumption patterns. The millennial generation entered the workforce in the 2010s, a decade marked by a protracted recession. Despite having illustrious resumes, it was difficult for them to find employment. With house prices skyrocketing, it became challenging for individuals to buy their own houses. This phenomenon suggests that, unlike in the past, when how hard you worked directly correlated with the guarantee of home ownership, the effort you put in no longer promised stability and success. As a result, the millennial generation began to reevaluate what success and happiness really entailed. Rather than ambitiously seeking to amass a large fortune or find fame and delaying gratification for the future, they actively opened up their wallets for hobbies and vacations in search of instant satisfaction. In other words, rather than seeking happiness for an uncertain future, they turned their eyes to the happiness of “today”. In addition, YOLO (you only live once)’s motto—”let’s enjoy our one and only life without regret”—further fueled this notion. A life attitude that put today's enjoyment and fulfillment above everything started to take shape. Furthermore, this attitude resulted in a change in consumption patterns for fleeting pleasure. It was clear that the consumption of "useless but pretty goods" and "taxi fare as a reward for my tiring work day" were reasonable enough to lift the mood. COVID-19 has, however, made it impossible to maintain the previous way of life, as it had begun to invade our normal daily life. Even the modest and insignificant joys of life, like spending time with friends or taking a weekend trip, were no longer possible. In this status quo, the millennial generation, once again, started working hard to keep up with their daily lives. But what was significantly different from the past was that they began to concentrate on cultivating the driving force to live better day by day as opposed to transient and immediate satisfaction. Every day, they put effort into creating little but beneficial habits for themselves, repairing their disrupted routines to gain a sense of accomplishment and contentment that at least today had been well spent. In this way, the gatsaeng mindset was rapidly established, in which people set daily goals and carried them out for a productive day. gatsaeng is a neologism, a combination of “god” and “life”, and is used to describe those who attempt to live their life to the fullest and feel a small sense of accomplishment for their efforts. Even though it isn’t extravagant, “갓생” includes drinking more than 2 liters of water a day or waking up at 7 a. m. every morning, i. e. “miracle morning”. People started to value the work they put in to maintain a healthy lifestyle because doing so would eventually allow them to thrive in life. The attitudes of YOLO and gatsaeng in life have one thing in common: they both prioritize “myself" and "the present. " However, both have stark differences in how they define the “present”. “YOLO” identifies the “present” as a moment to enjoy without regret, while gatsaeng views the "present” as a part of the process of building good habits. The change of attitude from “YOLO” to gatsaeng also affects patterns of consumption. They started to value the pursuit of consumption that provides long-lasting satisfaction rather than transient and impulsive spending as they have had in the past. The criterion to judge whether or not something is a reasonable purchase depends on whether it could enhance personal value through consumption, especially one that has the utility that we can continue to benefit from. Likewise, the MZ generation has reached a conclusion that investing in oneself from a sustainable standpoint would be appropriate to live out their life full of enjoyment. The term "Meconomy," which combines the words "me" and "economy," refers to the current MZ generation’s consumption trends that spend all of their money on self-indulgent purchases. These "Meconomy" customers long for "Me me land," a lifestyle based on their own standards rather than those of other people. Based on a growing desire to take care of "myself," more and more people continue their consumption alone. Investing a little more in yourself, having a proper meal even if it is just one meal, and being rested and happy according to “my” liking have all become more important. In other words, in all facets of their lives, including their expenditures, the MZ generation places sustainable satisfaction above instant satisfaction. They have a tremendous desire to get better every day, which soon manifests as the consumption of knowledge and self-indulgence. If business leaders create business plans based on the traits of the MZ generation by analyzing the trend of 갓생, they will be closer to reaching their ultimate goal of maximizing profits. So do you currently consider yourself to be a member of the "Meconomy" who dreams of living in "Me me land"?