Just as certain fashion is popular, consumption patterns are also popular. Recently, as social interest in eco-friendly materials has increased, there is a growing movement among the MZ generation to purchase products that meet their beliefs by doing value consumption. The MZ generation is a newly coined term that combines millennials born between 1980 and 1994 and the Generation Z born after 1995. They are the main consumers who play an important role, accounting for 33.7% of the nation‘s population. One of the ways of value consumption, ‚meaning out‘, is a combination of meaning, which means belief, and coming out, which means coming out of the closet. In other words, it refers to actively expressing one‘s own political and social beliefs and values, which were not easily revealed in the past, through consumption activities. If it is a product that fits the beliefs that individuals pursue, like meaning out, they are willing to buy it even if it is a little more expensive. However, if it conflicts with the value they pursue, they even actively engage in a boycott.
So why does the MZ generation consume value? The biggest reason is that they basically have a desire to try spending that helps someone through their own consumption. They prefer to express their values by spending on companies that have the same goal as their persuasion, even if they are flooded with numerous alternatives. They also believe that they have acted in accordance with their beliefs only by the fact that they purchased the product. Through value consumption, they identify themselves with the company and feel solidarity with the company, which eventually leads to loyal customers.
Companies have also changed along with the value consumption of the MZ generation. ESG (Environmental, Social, and Governance) management-style companies and companies based on sustainability have increased. In the future, interests and actions for value consumption of the MZ generation will continue to take place. If a company produces products and services that can satisfy the values that the MZ generation wants to pursue based on their philosophies, it is expected to be chosen by the MZ generation who consumes value.
Kim Ha-eun
[Department of Spatial Design & Consumer Studies, 21, The Catholic University of Korea]
