University Tomorrow 20s Research Institute has released an infographic summarizing key data that provides insights into this year's generational trends and insights as 2023 comes to a close. You can see 14 key data points released across 11 annual topics, including finance, food, drinking, beauty, electronics, and media, at a glance.
Infographic summarizing key data for 2023 by generation, selected by University Tomorrow 20s Research Institute
The Most Important Benefit When Using Credit Cards is ‘Point Accumulation’
Financial and investment data released in March of this year examined preferred credit card benefits. When asked what benefits they prioritize when using credit cards among credit card users within the past year, ‘point accumulation (50.0%)’ came in first place, followed by ‘cashback (39.8%)’ and ‘transportation/gas discounts (19.7%)’. It appears that they perceive point accumulation as a significant benefit because they can accumulate points and use them for a variety of purposes. The percentage of respondents who answered that ‘point accumulation (65.2%)’ was the benefit they had actually used was the highest, indicating that point accumulation has become a familiar and effective credit card benefit.
‘Shinhan Card (21.7%)’ was the most frequently selected as the main credit card used, but the top choice was different for Gen Z. You can find information about the main credit cards used by each generation, as well as card company and bank brand images, and perceptions related to real estate, in the Financial and Investment (March 2023) data.
Gen Z's Favorite Cafe Brand: Starbucks, Followed by Mega Coffee
As of January 2023, the number of coffee shops nationwide reached 93,414. This is a 50% increase compared to January 2020, before the pandemic. With so many cafes popping up, which cafe franchise is winning over Gen Z? When Gen Z who visit cafes at least once every three months were asked about their preferred cafe franchise brand, ‘Starbucks (25.9%)’ came out on top. This was followed by ‘Mega Coffee (14.2%)’ and ‘Ediya Coffee (9.9%)’.
Starbucks consistently ranked first in a dietary survey conducted three years ago, but it’s noteworthy that Mega Coffee, which ranked fourth in 2020, has climbed to second place this year. Furthermore, the rise of low-cost coffee franchises, such as Compoze Coffee and Gong Cha, which both achieved a joint fourth-place ranking despite not being in the top five before, is worth noting.
Generational Differences in Preferred Hangover Remedies: Gen Z Prefers ‘Sangkwehwang Stick Type’
The end and beginning of the year are times when mentions of drinking and hangover remedies increase. In the Consumption-Drinking (April 2023) data, we surveyed drinking behaviors and hangover remedy consumption methods by generation. A total of 71.8% of respondents had consumed a hangover remedy when drinking within the past year, and the most frequently chosen product was ‘Condition (42.0%)’. Each generation has distinct preferences when it comes to hangover remedies. Gen Z favors ‘Sangkwehwang stick type (jelly type)’, Late Millennials prefer ‘Sangkwehwang (pill type)’, Early Millennials prefer ‘Yeomyeong (beverage type)’, and Gen X prefers ‘Condition (beverage type)’.
While hangover remedies are purchased to alleviate one's own hangover, they are also sometimes purchased as a light gift for acquaintances at drinking gatherings. According to the ‘2023 Drinking Trends Viewed Through Social Big Data’ report, an analysis of keywords related to the purchase motives of hangover remedies revealed that the keyword ‘gift’ has steadily increased since 2020. Furthermore, quantitative survey results also showed that ‘someone around me gave it to me’ was among the top reasons for consuming a hangover remedy.
Galaxy, iPhone, Z Flip… What are the User Images Associated with Each Smartphone?
Consumption-Electronics (February 2023) data explored the image that 1,200 men and women aged 19-53 nationwide have of Galaxy, iPhone, and Z Flip users. When asked about the occupations of Galaxy users, the highest percentage was ‘management/finance/accounting (52.7%)’, followed by the ‘legal profession (51.8%)’ and ‘industry (51.5%)’ sectors. This contrasts with the fact that ‘students (63.0%)’ were the most common occupation associated with iPhone users. Meanwhile, Z Flip was associated with the ‘arts (36.3%)’ and ‘marketing/advertising/PR (35.3%)’ sectors, suggesting a distinct image from Galaxy. You can find more information about smartphone brand user images, including age, gender, personality, and interests, in Part I of this data.
The Big Three Shopping Destinations for Gen Z: Online Select Shops, H&B Stores, and Convenience Stores
According to the ‘Online Shopping Trends’ report released by Statistics Korea, monthly online shopping transactions exceeded 20 trillion won for the first time in October. Amidst the thriving online market, University Tomorrow 20s Research Institute compared major purchase destinations by product category through a Consumption-General (September 2023) survey. While 45.7% of all respondents used ‘general online shopping malls’ to buy clothing and fashion accessories within the past six months, Gen Z most frequently responded that they purchase from ‘online select shops’ like 29CM and Musinsa (39.2%).
A similar trend was observed in the cosmetics market. Although ‘general online shopping malls (44.6%)’ were the most common purchase destination for cosmetics within the past six months, Gen Z chose ‘offline H&B stores (35.9%)’ as their top choice. Furthermore, the percentage of respondents who said they purchase from H&B store online malls was 22.2%, 8.6%p higher than the overall average. Overall, Gen Z appears to actively utilize H&B stores. While ‘large supermarkets (53.3%)’ ranked first as the main purchase destination for food and beverages excluding alcohol, demonstrating the strength of offline shopping, Gen Z most frequently responded that ‘convenience stores (51.1%)’ are their primary shopping destination.
What is the Appropriate Amount of Money to Give as a Wedding Gift to a Friend or Acquaintance?
Recent price increases have led to frequent discussions and debates about wedding gift money on various online communities. In response, University Tomorrow 20s Research Institute surveyed 1,500 men and women aged 15-62 nationwide to determine the appropriate amount of money for a friend or acquaintance's wedding gift and the maximum amount they would be willing to give a close friend.
Focusing on the results for Late Millennials (28-34 years old), who are in an age group that frequently attends weddings, the average amount they consider appropriate for a friend or acquaintance’s wedding gift is ‘84,000 won’. Furthermore, 51.7% of respondents chose 100,000 won as the most appropriate amount. Except for Gen Z, who have a higher proportion of students and selected 50,000 won as the most appropriate amount, the response of 100,000 won was the highest across all generations, suggesting that there is a perception that 100,000 won is the minimum amount for a wedding gift. Meanwhile, Late Millennials indicated a willingness to pay an average of ‘237,000 won’ for a close friend’s wedding gift.
Gen Z's Most Popular Open Chatting Topics: ‘Games’
According to Media & Content & Platform (July 2023) data, 85.9% of men and women aged 15-53 who have used media and content within the past month have also used online communities within the past month. The most frequently used platform was ‘portal-based cafe communities (63.8%)’, such as Naver and Daum, followed by ‘self-owned website communities (39.0%)’ and ‘open chat communities (37.9%)’. Notably, the usage rate of open chat communities among Gen Z was 47.6%, higher than other generations.
We delved deeper into KakaoTalk Open Chat, the most popular open chat among these. The most common topics for open chat rooms that participants joined within the past month were ‘daily life (22.9%)’, followed by ‘economy/finance (19.6%)’ and ‘travel (14.1%)’. The top topic varied slightly across generations. Gen Z chose ‘games (19.2%)’, Late Millennials selected ‘daily life (25.4%)’, Early Millennials chose ‘economy/finance (32.9%)’, and Gen X opted for ‘daily life (30.4%)’, revealing distinct generational interests.
Job Seekers' Desired Starting Salary: 44.52 Million Won
What criteria do job seekers use when choosing a company to work for? According to University Tomorrow 20s Research Institute’s Employment (May 2023) survey, ‘salary (28.4%)’ was the most important factor. The average desired starting salary for new recruits was ‘44.52 million won’, and when broken down by major, it was 41.28 million won for humanities and business administration majors and 46.95 million won for science and engineering majors.
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