The way we open our wallets has completely changed. It’s no longer just about buying things; it’s an era where gaining special experiences through consumption or expressing one’s values has become important. The MZ generation, in particular, is at the center of this change. They don’t just consider a product’s function or price, but rather the meaning and experience that consumption provides.
Accustomed to the digital environment and flexible to change, the MZ generation quickly adopts the latest trends and pursues unique experiences. Their consumption patterns have now become a powerful force in the retail market.
Key Consumption Values of the MZ Generation: Experience and Personal Satisfaction
The MZ generation prioritizes individual happiness and satisfaction over the collective. There is a clear tendency to value sharing over ownership, and experiences over goods. For example, they readily pay for activities like a special dining experience at a Michelin-starred restaurant, a music festival, or watching a sports game. Through consumption, they attempt to connect their identity with the emotions, spaces, and time spent with others.
- Prioritizing individual happiness and satisfaction: They boldly invest in consumption for themselves.
- Prioritizing sharing/experience over ownership: Rental services, second-hand transactions, and experiential content usage are active.
- Expressing identity: They reveal their values and lifestyle through consumption.
‘Meaning Out’ and ‘Value Consumption’: Embracing Social Messages
Beyond simply purchasing goods, the MZ generation enjoys ‘meaning out’ consumption, where they express their beliefs through products that embody social value or special messages. This stems from their attitude of valuing a brand’s philosophy and story, and its positive social impact, rather than just its fame. They choose brands that align with their values, such as eco-friendliness, ethical production, and social impact, and through this, they may feel like they are becoming better people.
- Meaning out consumption: They consume to express their beliefs and values.
- Emphasizing brand philosophy: They highly evaluate a brand’s story and social impact.
- Social responsibility: They prefer products with positive messages, such as environmental protection.
Changing Consumption Patterns: Pursuing Rationality and Efficiency
Recently, a trend emphasizing ‘rationality’ and ‘efficiency’ has become more prominent in the MZ generation’s consumption patterns. The Z generation, in particular, shows characteristics of ‘planned consumers’ or ‘value-seeking consumers’ who reduce impulse purchases during economic downturns, prioritize long-term financial goals, set budgets, and thoroughly research before buying. They also pursue convenience and save time and money through AI-based personalized consumption and the subscription economy.
- Planned consumption: They show a cautious attitude, including budget setting and pre-purchase research.
- AI-based personalized consumption: They consume efficiently through personalized recommendations.
- Utilizing the subscription economy: They gain convenience and cost efficiency through subscriptions like OTT services.
The new consumption trends led by the MZ generation have become a cultural phenomenon that reflects individual lifestyles and values, going beyond the simple act of buying and selling. Companies must now understand their needs and focus on providing experiences and meaning beyond mere products. Understanding these changing trends will be key to leading the future market.