“Shop with Me! 16-year-old Luxury Goods Haul,” “Hannam the Hill Resident Vlog,” “College Freshman Shinsegae VIP Lounge Vlog.” Such are the examples of videos that pop up when one searches the notorious phrase geumsujeo, or “golden spoon,” on YouTube, many with views in the millions. Dior lady bags, Rolex watches, entrance keys to 5-star hotels — you name it, there’s an insatiable audience for it. Though the allure of the mighty rich and people being drawn into it like moths to a flame is hardly a new phenomenon, the new societal trend of opulence differs in that young adults below their 30s are actively spending more of their income on luxury goods.

Korea’s luxury market has seen a precipitous increase in size in the last few years, currently standing at nearly 12.6 billion United States dollars (USD). Though luxury goods’ target consumer base has long been people above their 40s with plenty disposable income, the younger generation is increasingly augmenting their purchasing power. Shinsegae Department Store, one of Korea’s biggest shopping franchises, has reported that consumers in their 20s and 30s account for more than 50 percent of their luxury sales. How, and why, is this generation, plagued with one of the worst housing and job crises of the century, getting the spare dimes to splurge on a Chanel classic bag?

All That Glitters

Demonstration of one’s opulence is a tested method of success on platforms such as YouTube and Instagram. The saying “money attracts money” cannot hold true to a greater extent. Displays of wealth lead to more views, allowing for the generation of greater profit, which in turn instigates the content maker to aim for even more extravagant humble brags. Such exhibitionistic behavior mainly targets teens and young adults, who are most gullible to be influenced by social media but lack the purchasing power to bring their bucket lists to fruition.

Though the abrupt expansion of the luxury market amongst young adults and the same age group gaining but vicarious satisfaction from wealthy influencers may appear to be dichotomous, the two lines of phenomena are mirror images of each other in that they both stem from the generation’s heightened obsession with expressions of material wealth. “The MZ generation’s lethargy and unwillingness to exert effort, as they are faced with pervasive social and economic problems such as soaring housing prices and perennial unemployment, is the most fundamental reason behind this phenomenon,” observed Professor Choi Jinhee (Department of Business).

Youtuber and fashion influencer Song Ji-a, better known as FreeZia, demonstrates the double-sided potent of such sumptuous imagery. The 24-year-old rose to fame with the persona of a charmingly confident “it girl,” not being bashful in showcasing her lavish lifestyle. Her downfall came when hawk-eyed netizens detected that the luxury items she had branded herself with were counterfeits. Through Song’s projected luxuriant lifestyle, her viewers had earned vicarious satisfaction; the feeling of severe betrayal only followed when they discovered that the basis of their fantasies was cheap fakes.

Tantalus’s Fruit

Traditional assets of wealth are becoming more and more unattainable for younger Koreans. According to a 2022 study conducted by Korea Economic Research Institute (KERI), the average worker must accumulate 21 years’ worth of untouched salaries to afford a house in Seoul. In a nation with the disgraceful nickname “Republic of Seoul” due to its disproportionate concentration of infrastructure in the capital, the inability to own a house in the hailed city is a slap in the face. The Ministry of Education (MOE) reports that college graduates are showcasing the lowest levels of employment in decades. Low interest rates render installment savings meager. Frugality and patience are no longer viable pieces of financial advice; why save up for an unaffordable house?

Luxury goods, while more attainable than a house, serve a much more ostentatious purpose. They brazenly mark one's place on the social ladder and induce awe in others, a feature that particularly shines in the world of social media. Disillusioned with traditional values of success, fatigued in a world that promotes competition, and in the dire need to “treat oneself,” people strive for the sleek imagery of affluence embodied in luxury items.

As splurging in luxury goods (colloquially deemed as “flex” culture) becomes more ubiquitous throughout Korean society, young adults might also feel peer pressure to obtain luxury goods to symbolize their wellbeing. As the demand for luxury items increases without limit and high-end fashion houses decrease their supply and drive prices up over fears that their brand value might deteriorate, the investment value of luxury purchases is also gaining fruition; buy an item now, resell it later on an online reselling platform with a hefty margin.

Fool’s Gold

As the paradigm of consumerism shifts beyond necessities, some are apprehensive of the ramifications it will cause on the economy and societal order. It is a vicious cycle: the economy flounders, jobs and homes are harder to attain, people redirect their income to diverging sources, and the economy experiences more downturn.

Mental health problems that are prone to arise when comparing one’s status to influencers are also notable. Young people in lesser economic standings are more likely to find vicarious satisfaction with influencers’ portrayed opulence.  “People now showcase yearning for those who have been born into prosperity, and a sense of respect for those who have made their own wealth,” says Professor Choi. As young adults both envy those who flaunt their wealth and feel “as if they are a part of the world of the rich by directly interacting with their social media,” as put by Professor Choi, they are faced with severe dissatisfaction with their respective realities and is plagued by the feeling of relative depravity.

When approaching these maladies, not instigating generational conflict and understanding that this is a social phenomenon with causes and effects is a must. Attempting to persuade Koreans in their 20s and 30s to be more frugal and save up for necessities can hardly be efficacious, as it attempts to mitigate a cause by going after an effect. “Approaching this phenomenon, the government must stabilize housing prices, create secure jobs, and provide a fair environment where an individual is rewarded proportionately to their exertions,” comments Professor Choi.

Though the recent trend of opulence amongst young South Koreans is not provided an exigent solution, one may protect themselves from the personal ramifications of the phenomenon. Not being afflicted by the flaunts of wealth splattered across social media platforms and finding your true worth is easier said than done, but it is perhaps all young individuals can do. “Don’t be envious of the exaggerated version of others’ lives,” advises Professor Choi, “but focus on your life and learn how to value yourself.”