By Choi Jin-woo
“YOLO” (You Only Live Once) and “flexing” have become the old-fashioned terms of Korean millennials and Gen Z “Spend Challenge” (“mu-jichul” in Korean).
‘No-spend challenge’ trending among young Koreans
“No spending” refers to trying to save money by reducing daily purchases. According to data from South Korea statistics, the Korean consumer price index rose 6% in June to 108.22, the highest level in more than 23 years.
The economic misery index, which measures the level of financial hardship felt by the general public by adding the unemployment rate and the inflation rate, has risen to 10.6 here. This is the highest level in 7 years.
Credit/Source : KoreaTimes