Lack of financial stability aside, South Korea’s Gen Y and Z – collectively referred to as the MZ Generation in Korean media – are willing to spend lavishly on luxury goods due to status checks and flex culture, both of which are driven by and displayed via social media.
Suh Yong-gu, PhD, is the dean of the Sookmyung Business School and a professor of marketing at Sookmyung Women’s University in Seoul. He specialises in brand marketing and retail management.
Kim Seong-kon, PhD, is a professor emeritus at Seoul National University and a visiting scholar at Dartmouth College. He is an academic, literary critic, film critic, columnist, editor, and writer.
Michele Ross is a freelance writer specialising in wellness and culture. She studies and writes about Korean topics at large, ranging from K-pop and entertainment to K-beauty, food, gender, and travel.