From IKEA to ignorance, lifestyle rises

Spread the word around the lifestyle consumption that seeks self-satisfaction rather than fashion

IKEA and MUJI (Unmanned Merchandise) are attracting attention as representative examples of lifestyle brands worldwide. Recently, both brands are hot in Korea. Ikea, which opened the first store in Korea in 2014, opened up the second store in Goyang in October last year and rose to the third-largest domestic furniture industry based on annual sales. Ignorance, which entered the Korean market in 2004, did not suffer a deficit until 2012. Still, it has increased in recent years, surpassing its sales of 100 billion won last year and doubling its operating margin. 

What they sell is not just a product. Ikea sells a Nordic lifestyle represented by Sweden, and ignorance sells a minimalist lifestyle that expresses Japan's unique `` no '' sentiment. Both brands handle a large number of products, but both are within their identity.

The fact that IKEA only entered the country in 2014 and that ignorance did not go out of the deficit only after 2012, eight years after its entry, is significant. In the 2010s, Korea's lifestyle-oriented consumer culture began to form. After overcoming the era of absolute poverty that earns money for survival, the age of looking at the GDP of $ 30,000 per capita is now through the period of industrialization, which has been pursuing high class and fashion. In the era of GDP per capita of US $ 30,000 globally, the needs of improving the quality of life felt by self-improvement are higher than the desire to show off, and the internal market grows. The interior represents a lifestyle consumption that has a strong self-satisfaction in that it is not an external appearance but an investment in my personal space. Rather than pursuing a fad, it is a sign that lifestyle consumption that I want and fit for me is spreading. 

For this reason, it is easy to recognize lifestyle as a trend in which interior and household goods are essential. The original lifestyle is a sociological term that represents all aspects of life, various lifestyles, behaviors, and ways of thinking that reflect values. Individual needs are differentiated and diversified according to their lifestyle. They are not merely cheap or useful products but aim for their own 'value consumption' that satisfies their internal needs. The role of consumption also extends to expressing individuality beyond the purpose of showing and maintaining life. 

A lifestyle that has become a global trend

The proliferation of lifestyle consumption is a worldwide trend in recent years as well as in Korea. After the global financial crisis around 2010, consumers who were tired of prolonged economic downturn and excessive competition began to realize their values. The development of the Internet and e-commerce is also a significant cause. By consuming a brand that suggests a lifestyle similar to your own, you can reduce the effort of selecting products from information that overflows online and offline. Through this, consumers become lifelong customers, and fans of certain lifestyle brands and lifestyle trends are intensified. The development of SNS is also indispensable in that it promotes exchanges and ties with those with similar lifestyles.

The proliferation of lifestyle consumption is also detected in the global sluggishness of luxury brands. Last year, Ferragamo saw its net profit decline by 42% with a slight decrease from the previous year, while Armani also restructured its seven design lines to three last year, as sales fell by 5% in 2016. Ferragamo, Ralph Lauren, and CEO of jewelry brand Tiffany & Co. fell behind due to sluggish performance. Amid slow economic conditions and the proliferation of lifestyle consumption, the company's poor performance over popularization, luxuryization, and online market expansion led to sluggish earnings. 

On the other hand, SPA brands and lifestyle brands that have emerged with practical consumption are becoming more influential. According to the report of `` Global Mega City Hit Product Fashion '' released by KOTRA on the 15th, items in the world's famous cities such as New York, Milan, Tokyo, and Bangkok, along with global mid-priced SPA brands, reflecting lifestyle changes It was a success. Athletes reflecting health and pragmatism are famous, while unique personalities and identities such as minimalism, exclusive, sticky, vegan, etc. are in line with consumer demand for information from lifestyle brands, celebrities, and influencers. Brands with a competitive edge. 

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