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'Trend Korea' unveils 10 factors to watch in 2020
By Kang Hyun-kyung
TV Chosun's talent search show "Ms. Trot," aired from February to June, deserves to be on top 10 lists of TV shows this year. It became an epic success for the cable channel as each new episode broke TV Chosun's previous viewership record, with its highest rating of 18.1 percent. Videos of the show went viral on the internet. Some had millions of views.
To many people, the unexpected success of the show aiming to find a diamond in the rough in the music genre came as a surprise. Witnessing its popularity, some were left scratching their heads, wondering how these performers, who have lived in the shadow of K-pop since the 1990s, were able to captivate fans.
The baby boomers generation has their back, according to "Trend Korea 2020." The book says the success of the TV Choson show proves the boomers exert influence in the content market.
Co-authored by Kim Nan-do, a consumer studies professor at Seoul National University, and eight others, "Trend Korea" delves into the characteristics of consumers based on various reports, in order to predict consumption patterns next year.
"Trend Korea" singled out the baby boomers as one of the top 10 factors to affect the consumption trends in 2020. Other factors include "multi-persona," "fansumers," "last fit economy," and "streaming."
In Korea, the boomers are the post-Korean War generation born between 1955 and 1963. They spent their childhoods in the aftermath of the war and young adulthood years in the 1970s when the economy had a miraculous transformation with double-digit growth. Over 800,000 babies were born each year between 1955 and 1963.
The boomers are now part of the so-called 5060 Generation ― those in their 50s and 60s ― which altogether makes up 28 percent of the entire population of Korea.
The boomers are back in the spotlight.
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| A cover for "Trend Korea 2020" |
"Trend Korea" says the 5060 cohort is the wealthiest generation, with comparatively high disposable incomes.
Having lived as responsible breadwinners and parents, the boomers have begun to listen to their inner voices. After retiring from their main jobs, they became dream chasers.
They are aspiring learners. Some seek second careers after quitting their lifetime jobs due to age.
Due to their upbringing when the nation was extremely poor, they are frugal and support traditional values.
They have become lavish investors in tourism. The sold-out premium travel packages amid the economic downturn is a phenomenon created by the boomers, according to "Trend Korea."
The demographic is also active in online shopping. According to online auction company Auction Co., the number of consumers in their 50s and 60s who purchased products on the website has risen sharply. In 2014, they made up 17 percent but surged to 27 percent in 2018.
According to "Trend Korea," the boomers are quick to adapt to technological advancements.
They communicate with friends, children and relatives through the smartphone chatting app KakaoTalk.
They search for news and other information on YouTube. They are behind the domination of right-wing YouTubers in political commentary.
