The consumption patterns of the MZ generation are rapidly changing. Once driven by the “You Only Live Once” (YOLO) mindset, characterized by enjoying life and spending freely, this generation is now facing the realities of high inflation and interest rates, leading to a new trend. The YOLO mindset is being replaced by “You Only Need One” (YONO), reflecting a shift toward more selective and essential consumption.
The Birth of a New Trend: From YOLO to YONO
In the early 2020s, many young people embraced the YOLO philosophy, making bold spending choices to enjoy the present. This was exemplified by dining at fine restaurants and indulging in high-end experiences like omakase. However, recently, their consumption patterns have shifted to YONO, where the focus is on buying only what is truly necessary.
Notably, dining out among the 20s and 30s has significantly decreased, with an increase in more affordable and practical spending, such as convenience foods. This shift is not just a passing trend but a necessary strategy for maintaining their lifestyle. According to data from the National Statistical Office, the average income of households under the age of 39 increased by only 1.9% compared to the previous year, while consumer prices rose by 3.6% over the same period. The pressure from rising prices relative to income has inevitably led to changes in consumption patterns.
Is YONO Just a Passing Trend?
The YONO trend is not solely driven by economic factors. People have also become more adept at distinguishing between essential and non-essential elements in their lives. But here lies an important question: Is it necessary to categorize this as a new trend? Essentially, living within one’s means and purchasing only what is needed should be considered a basic principle.
However, excessive frugality can be detrimental, especially in the long term, if it leads to neglecting important expenses. For instance, choosing a cheap product might end up costing more in the long run.
A New Approach to Wise Consumption
So, what does smart consumption look like for those living by YONO principles? Simply saving isn’t the only answer. Investing in the most important aspects of your life is at the heart of YONO.
Imagine a worker who uses a laptop every day. If an outdated laptop is slowing down productivity, investing in a better one is a wise choice. Spending money on things that save time and effort and deliver better results is the true essence of YONO, isn’t it?
Now, more than ever, wise consumption is essential. Consider what you truly need and how to fulfill that need. Are you already on the path of the YONO mindset? Ask yourself and cultivate the wisdom to distinguish between what is necessary and what is not.