“YONO” is the latest craze among teens these days.
The old trend that is popular among young people like “YOLO” is going to disappear because “YONO” is a new trend among teenagers that is adapting to the current social conditions, emphasizing saving, thriftiness, and buying things that are necessary. It is becoming popular among teenagers in South Korea.
At one point, we’ve probably heard the term “YOLO,” which stands for You Only Live Once, meaning “You only live once, so live it. Focus on the happiness now, don’t think about the future.” It’s a very popular trend among Gen Z.
But today, this trend is changing due to economic and social conditions, causing “YOLO” to change to “YONO” instead.
What is “YONO”?
“YONO” or “Yono” is an abbreviation of You Only Need One, which means “You only need one thing.” This trend focuses on saving, being careful with spending money, and not buying things that are unnecessary. This trend is currently very popular among GenZ teenagers in South Korea because the inflation rate in South Korea is increasing, which is at odds with the low income growth rate.
According to Statistics Korea (KOSTAT), inflation rates are expected to be 2.5%, 5.1% and 3.6% in 2021-2023, respectively, while income growth rates are expected to be lower, at 2.5%, 0.9% and 1.6%, respectively.
Coupled with data from South Korean bank NH NongHyup, which found that transaction data in the first half of 2024 for customers in their 20s and 30s decreased in all areas. Card swiping to pay for dining out decreased by 9%, but at the same time, food purchases from convenience stores increased by 21%, including transactions in department stores decreased by 3%, and purchases of expensive coffee at stores like Starbucks decreased by 13%. As for imported goods such as cars, they decreased by 11%, but domestic car purchases increased by 34%.
From all the information mentioned above, it can be seen that “inflation” has a significant impact on the spending of the new generation due to the higher cost of living and the increasing interest in property among teenagers.
This is why “YONO” has become a hot trend among South Korean teenagers (GenZ), overtaking the old trend “YOLO”.
Reference
