Average is over; microsegment consumers, professor says

The phrase “Average is over” topped the list of 10 key phrases suggested by a renowned Korean consumer behavior professor to predict 2023 consumer trends.

Kim Rando, a professor at the Seoul National University’s (SNU) Department of Consumer Science, said on Wednesday that the deepening economic polarization and divergent consumer preferences will make it meaningless to target the average group.

“To sell a product or a service, companies need to forget about the general public, but microsegment customers and target them,” he told a news conference for the publication of his annual book series of Trend Korea.

The head of the SNU Consumer Trends Analysis Center noted that rising interest rates will benefit some consumer groups with higher incomes, while adding pressure to others with increasing borrowing costs.

He releases the Trend Korea series annually to give his predictions and insight into South Korea’s social and consumer trends.

CORPORATE CULTURE

In the book titled "Trend Korea 2023", he also suggested another key phrase “Office Big Bang” to explain the younger generation who value their personal life more than their company life.

“Neither performance bonuses nor employee benefits will make it their preferred company,” the professor said.

“Companies need to convince them that they can grow here and move on to another job.”
 
He advised companies to approach traditional products with new perspectives and recreate them, citing Samsung Electronics’ foldable phones and Dyson’s bladeless fans. The tips were provided under the phrase of “new demand strategy.”

He gave as an example a Japanese towel maker, which separates men's towels from those for women.

In an unusual case, wristwatches designed for the visually impaired happened to be popular among the general public.  

Other key phrases on the list include “Cherrysumer,” referring to frugal consumers cherry-picking benefits offered to promote products; “Digging momentum,” or those obsessed with their preferred areas but actively communicating with the outside world, unlike otaku; and “Neverland syndrome,” the desire to stay looking young.

The professor summarized his predictions for 2023 into “Rabbit Jump”, referencing the traditional idiom: “A clever fox digs three caves.”

Write to Geun-Ho Im at eigen@hankyung.com
Yeonhee Kim edited this article.