'Spending for Myself' Surge in Meconomy Leads to Increase in Running and Beauty Expenditures

[Financial News] Shinhan Card announced on the 25th that 'Meconomy' (Me+Economy) spending is emerging as a trend, leading to a surge in expenditures on running and skincare.
Meconomy refers to a self-centered consumption culture where individuals do not hesitate to spend money for their personal tastes and values.
Firstly, in the case of running, keywords related to it have increased approximately 4.5 times over the past two years through social networking services (SNS). Until the first half of 2023, running was often mentioned as a light hobby activity, but this year, as the demand to enjoy running professionally has increased, related keywords such as 'trail running', 'night running', and 'running shoes' have diversified. According to Shinhan Card's Big Data Research Center, mentions related to 'trail running', an exercise running through nature, increased by 76.2% when comparing the first half of 2023 and the first half of this year.
As interest in running specialty stores increased, their usage also grew. Compared to two years ago, the total number of uses increased by 203%, and the amount spent increased by 216%. By age group, the number of uses by those in their 30s accounted for 44.8%, making up about half of the total usage. The growth rate of expenditure was also the highest among all age groups at 232%. Additionally, an analysis of the gender ratio based on the number of uses showed that the proportion of women increased by 5.9%p over the past two years.
Furthermore, interest in skincare has increased due to the trend of 'slow aging'. High-value payments of over 1 million won for 'skincare packages' and 'regular use tickets' for periodic care increased by 31.2% over the past two years. In particular, when looking at changes in usage over the past two years, usage by men in their 30s increased by 73.7%, showing the highest growth rate.
'Mind health' is also being prioritized. The number of uses of psychiatric services in the first half of this year increased by 11.4% compared to the same period in 2023. Looking at the generational related search terms for 'psychological counseling', those in their 20s showed high interest in 'career' and 'dating'. Those in their 30s frequently mentioned 'children', 'couples', and 'work'. In their 40s, 'adolescent psychological counseling' was the main topic. Those aged 50 and above were actively managing their emotions and feelings, such as 'depression' and 'helplessness'.

coddy@fnnews.com Ye Byeong-jeong Reporter