Shinhan Card Big Data Research Institute Analyzes Consumption Trends of Gen Z with Carat

Shinhan Card (CEO Moon Dong-kwon) announced on the 28th that it had analyzed the recent consumption trends of the ‘Jalpase Generation’ (Generation Z and Alpha Generation), including what areas these 10s and 20s, who are emerging as a major consumer group in the future, are interested in and where they are primarily consuming, in collaboration with trend media ‘Caret’.

https://seenthis.kr/newspage/2529

First, the increasing number of mentions of cultural and artistic spaces like ‘exhibitions’ and ‘spaces’ on SNS and the trend of participation in various cultural events such as ‘art fairs’ and ‘media art’ were noted, and the usage status of cultural facilities was analyzed. According to Shinhan Card Big Data Research Institute, analysis of the number of visits to art museums and museums by age group from December 2023 to February 2024 showed that 10s and 20s visited art museums (19.2%) more than twice as often as museums (8.0%). Also, the proportion of female visitors was significantly higher at 70.7% compared to other age groups. During times of high prices, art museums offer a relatively inexpensive way to experience something special and take ‘authentication shots’ to post on SNS, and as experiential and playful exhibitions increase, 10s and 20s women tend to prefer art museums.

Generation Z and Alpha, who are digital natives, are also quickly adopting AI technology. When comparing the year-on-year (2023 vs. 2024 (Jan-Feb)) change in the amount spent on the three major AI services, including ChatGPT, by age group, the average monthly per-transaction spending growth rate was overwhelmingly high for 10s and 20s. The 10s showed the highest growth rate at 43.2%, followed by the 20s at 38.0%. The per capita spending growth rate was also high, at 61.8% and 66.0% for 10s and 20s, respectively.

Shinhan Card Big Data Research Institute also analyzed where 20s frequently go for dining out on weekends using data from the past five years (2019-2023). In 2019, Jung-gu, where Myeongdong, Chungmu-ro, and Namsan are located, showed the highest number of transactions, but in 2023, consumption by 20s centered around the Hongdae, Hapjeong, and Sangsu areas, with Mapo-gu rising to the top. Mapo-gu has attracted more attention as the Hongdae area has expanded to include Yeonnam and Mangwon, and the idol birthday cafe culture has concentrated in that area. Gangnam-gu and Jongno-gu followed. Meanwhile, Yeongdeungpo-gu and Seongdong-gu showed the highest increase in the proportion of 20s consumption compared to 2019, following Mapo-gu (+3.5%p), with Yeongdeungpo-gu (+2.2%p) attributed to the opening of The Hyundai Seoul, and Seongdong-gu (+1.9%p) gaining attention as a hub for restaurants and pop-up stores.

10s and 20s were actively consuming paid content such as webtoons and games. Looking at the proportion of paid game/webtoon usage by age group in 2023, the Jalpase Generation had a higher usage rate than other age groups, at 43.2% for webtoons and 43.3% for games.

Also, the popularity of ma la tang and Tang-hu-lu, known for their stimulating and addictive flavors, remains strong. Analyzing the age groups using ma la tang from December 2023 to February 2024 based on the number of transactions, the combined proportion of 10s (7.2%) and 20s (26.1%) was 33.3%. Notably, the proportion of 40s usage was the highest across all age groups at 30.3%, and considering that the average age of parents with teenage children is 40s, it is presumed that data from consumption for their children had an influence.

The number of Tang-hu-lu franchise stores increased by a whopping 13 times year-on-year in 2023. Also, based on the number of transactions in 2023, 10s and 20s accounted for 38.8% of usage, demonstrating that they were the driving force behind the Tang-hu-lu craze. The popularity of ma la tang and Tang-hu-lu can be seen as a reflection of the generational characteristic of seeking immediate fun and pleasure through short and intense stimulation in their eating habits.

While preferring stimulating foods, 10s and 20s are also actively engaging in self-care consumption focused on health and detoxification. Looking at the usage status of salad specialty stores and gyms in 2023, the 10s and 20s showed the highest usage rates among all age groups, at 32.5% and 26.9%, respectively. Interest in slow aging, along with a trend of maintaining oneself through consistent diet and exercise from a young age, is emerging among 10s and 20s, and it seems that health and physical fitness are considered a type of ‘spec’.

Shinhan Card Big Data Research Institute expressed its interest in gaining insights into the concerns of 10s and 20s, who are emerging as the major consumer group in the future, based on the current consumption trend analysis, and stated that they will continue to strive to provide services tailored to customers’ needs through various trend analyses.

Website: http://www.shinhancard.com

Contact
Shinhan Card
Public Relations Team
02-6950-7037