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NEWs GENERATION is a program hosted by Arirang TV covering Korea’s latest trends and current affairs from the perspective of those in their twenties and thirties (millennial and Gen Zers, dubbed the ‘MZ Generation’ in Korea). For all of my appearances, visit NEWs GENERATION Appearance.
- Now that it's been about a month since the year 2024 kicked off, we're going to dedicate today's episode to reading into the consumption patterns of millennials and Gen Z so far. Also, analyze how different companies are trying to target young people with specific marketing strategies. What are some key marketing terms for 2024?
I absolutely see a lot of my friends buying a lot of limited edition products, especially fashion-related. I think the reason for that is because clothing is the easiest way to show off without bragging about it to others.
We talk a lot about ‘herd mentality’ here in Korea, and I think that applies to limited edition products as well, because you want products from the most popular companies and brands, yet still need to stand out from others.
What makes these products even more popular and at times, incredibly competitive to buy, is the fact that they’re limited edition - marketing strategies with the labels “Limited Quantities Left!” or “Buy Now Before They’re Gone!” lure people to grab their wallets.
- Exclusivity seems to be a great tactic to lure young consumers. Personally, Hyun-woo, have you ever bought something because it was limited edition? How about your friends?
I see a lot of my friends buying a lot of limited edition products, either waiting hours in long queues or going to resale platforms. I think the overall trend is that it’s just part of the work you need to put in to buy these highly-wanted products, and the gratification comes when you share it on social media with your friends to see and envy.
Even if you’re not into the whole ‘limited edition’ trend yourself, I know some of my friends who buy these products for the sole purpose of reselling them, because the market is so huge nowadays. It’s almost as if they’re a form of investment, where some products can be sold for multiple if not tens of times more than their retail price.
I can’t say that I’m immune to the trend either, because I’ve bought a lot of limited edition items myself too. I look at fashion stores online and see a lot of clothes marked as “exclusive” or “limited,” can’t resist the urge not to buy them, but then don’t really wear them now because they’re either not trendy anymore or they just don’t fit my style.
Same goes for a lot of video games I play - a lot of characters or skins, to change a character’s appearance, are released as ‘limited edition.’ That makes me spend a lot of money that I don’t need to, and while I’ll be happy for a few weeks or so, a new character or skin comes around that’s better than the previous one.
- Why do you think we have this tendency to get our hands on something exclusive or limited?
Like I mentioned previously, it’s part of the human instinct to want to stand out from others, and a product being limited edition helps with that. You know that the odds of someone having the same item as you do are low, and in the case of very popular products, they catch people’s attraction because they also know it’s limited edition.
Of course, there are definitely cons because these products tend to be short-lived, and because new trends appear over time. But I also get why this trend of limited edition products are so popular, because we see a lot of people around us living the “YOLO” or “You Only Live Once” lifestyle, where living the moment and getting the most out of your everyday purchases matter.
- Based on our interview with Doctor Watson, how would you guys like to see our consumption pattern evolve from now on? Do you think this "limited edition" buying trend will continue?
I do think the “limited edition” buying trend will continue as long as they stay what they are meant to be: “limited edition.” I think customers will get tired if every product becomes labeled as limited edition, especially when they know that another limited edition item would come by in a few weeks or so.
Right now, I do think that these products are still limited to popular brands, so the trend is here to stay for now.
- Author:Hyunwoo Jo
- URL:https://www.hyunwoo.org/889904605ce14e9c9fd704d86340e7e6
- Copyright:Except where otherwise noted, the content on this site is licensed under CC BY-NC-SA 4.0.
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