|▲ Reference image to help understand the term ‘Small Luxury’|
The consumption trend called, ‘Small Luxury,’ is in vogue within the MZ Generation, which refers to young people of today who are familiar with the digital environment, are sensitive to the latest trends, who value and pursue differentiation from others, and unique experiences. ‘Small Luxury,’ literally means, ‘little luxury,’ and refers to purchasing expensive perfume instead of buying a high- end bag, or enjoying a hotel buffet instead of staying at a 5- star hotel.
The representative items of, ‘Small Luxury,’ are beauty items. Lipsticks of high- priced brands, which boasted immovable popularity, fell in sales due to the wearing of masks due to COVID- 19, and Niche Perfumes took the top spot in sales instead. Niche Perfume, is a premium perfume that can satisfy the taste of a diverse minority. The Shilla Duty Free opened, ‘Liquid Perfume Bar,’ a Niche Perfume editing shop brand, to strengthen its product lineup. According to the industry, the most common method used by people in their 20s and 30s to give gifts is through, ‘The KakaoTalk Gift- giving service.’ ‘The KakaoTalk Gift- giving service,’ has created a separate, ‘Small Luxury,’ category, and many high- end brand products such as Dior, Tamburins, Aesop, and Yves Saint Laurent are in the top 10. In the fashion sector, demand for one- point items such as scarves and accessories are rapidly increasing as a, ‘Small Luxury,’ that can be enjoyed from high- end brands. In line with this, Lotte Home Shopping said, “We will expand sales of one- point items from expensive brands such as Gucci and Ferragamo.”
Not only high- end brands, but also various industries are continuing the craze for, ‘Small Luxury.’ In the hotel industry, high- end buffets and high- end hotels' own brand products, were in the limelight. The strawberry promotion conducted in The Seoul Dragon City Hotel is 80,000 won for adults, which is a buffet using a single food: strawberry, but it is a higher cost than the regular buffet. However, the revenue from ticket sales reached 200 million won in one day of sales. In response to purchase inquiries from guests, The Lotte Hotel also launched the, ‘Signiel Diffuser,’ containing the scent of the Lotte Hotel as a product, and at the same time achieved No. 1 in sales ratings. It also launched a subscription service that delivers, ‘Signiel Diffuser,’ once every 10 weeks for a total of six times for one year.
The food industry is also expanding its tendency to offer different tastes. Gourmet curation platform, KAVIAR, announced that, “sales of RMR products in 2022 increased by 68% compared to 2021.” RMR, short for restaurant convenience food, is a product made to be eaten at home when it is difficult or inconvenient to go to a high- end restaurant. RMR products seem to have increased sales with the rise of, ‘Small Luxury,’ as they have a variety of options from restaurants selected for the Michelin Guide to old stores with 40 years of tradition, without waiting or placing a reservation. Fruits have also changed in line with, ‘Small Luxury.’ They are characterized by a higher price range and a higher sugar content as compared to existing fruits, making a premium line. E- Mart introduced, ‘Calypso Mango,’ from Australia. ‘Calypso Mango,’ has more edible parts than regular mangoes and it is soft and chewy. The blueberry, 'Eureka,' has a larger size than regular ones, and the, 'Red Kiwi,' has red flesh inside.
The consumer studies expert said of the, ‘Small Luxury,’ phenomenon, "It can be seen as a type of value consumption in that people usually save but sometimes buy special experiences." With the average consumption level of college students, it is difficult to purchase luxury products worth millions of won or even tens of millions of won, with their own money. However, on special occasions when gifts are needed, such as birthdays or anniversaries with lovers, spending may be higher than expected. In this case, rather than burdening the other party and oneself with excessive luxury that requires a burdensome amount of money for all students at Changwon University, how about making a gift that everyone is satisfied with through, ‘Small Luxury,’ consumption?
By Kim Na-young, cub-reporter email@example.com
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