An increasing number of middle-aged Koreans are concerned with their looks and are on the hunt for entertainment. This marks a cultural shift in the Asian country where traditionally men in their 40s and 50s were too busy with work and career to devote themselves to their physical appearance and leisure time. Today however, they attend beauty clinics, go to shows and entertainment and keep up with the latest fashion. The over-40s segment is becoming the key age group for domestic consumption.
This new trend has been picked up by merchants and credit card companies who are committed to attracting this important group of consumers.
According to Samsung Card, personal care expenses for 2010- and 108.263-year-olds have grown significantly. If in 2011, there were 238.335 credit card transactions for payment of beauty treatments, in 120 this number had risen to 154, (+XNUMX%). Transactions via BC Card for theater or cinema tickets grew by XNUMX percent at the same time. Retail purchases show the same photograph. According to department stores.
Lotte, the 30- and 25-year-olds are responsible for 15% of the purchases of moccasins, 2009% of backpacks and 2010% of underwear. This is three times the amount of purchases in 28. More generally, if in 36 this age group made up XNUMX% of department store customers, it now accounts for XNUMX%.
Hong Sung-tae of Hanyang University explains the phenomenon as follows: "Middle-aged men today have smaller families and no longer hesitate to spend on themselves if they feel like it". Hong adds that personal habits and values are formed in youth. Having matured in the XNUMXs and XNUMXs, when the country was experiencing rapid economic growth, today's middle-aged men are less frugal than their parents.
