"YOLO" (You Only Live Once) and "flexing" are old-fashioned words to Korean millennials and Generation Z these days.
Instead, due to the rising inflation and soaring food prices, a trend called the "no-spend challenge," (or "mu-jichul" in Korean) has been growing among young people in South Korea. "No-spend" refers to trying to save money by cutting back on daily purchases.
According to data from Korea Statistics, Korea's consumer price index surged by 6 percent to 108.22 as of June -- its highest in over 23 years. The Economic Misery Index, which measures the degree of economic distress felt by everyday people by adding the unemployment and inflation rates, jumped to 10.6 here -- the highest in seven years.
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