Trend Expert At Seoul National University Tackles 10 Trends That Could Help South Koreans Handle Economic Slowdown On Latest Book Entitled ‘Trend Korea 2016’
South Korea's economy hits five-year high during the third quarter of the current year after the nation endured the impacts of the Middle East Respiratory Syndrome (MERS) that struck South Korea in May.
South Korea's gross domestic product (GDP) increased by 1.2 percent during the July to September period. However, before the record-high growth in the third quarter, South Korea's economy reportedly slowed down during the first two quarters of 2015.
CNBC reported July 22 that the nation's economy grew at its slowest pace during the second quarter with 0.3 percent from the first quarter, making it the weakest gain since the fourth quarter of 2014.
With the rise and fall status of South Korea's economy, a well-known trend expert shared ten trends that could help South Koreans deal with the nation's economic slowdown, as forecasted by Korea Joongang Daily Wednesday.
Seoul National University professor Kim Nan Do is bullish that his latest book entitled "Trend Korea 2016" will help South Koreans learn on how to deal with economic slowdown.
"I have defined consumer trends for next year as 'MONKEY BARS' after the first letter in each of the 10 trends' keywords and I hope they help Korea overcome the recession as fast as monkeys cross monkey bars," Kim says during the launching of his eighth book.
The professor said that the economic slowdown was brought about by a number of external factors including the increasing interest rates in the United States and China's sinking domestic consumption.
"The prevailing distrust stems from the sinking of the Sewol last April and rapid spread of Middle East respiratory syndrome this spring, and it has become a crucial element that defines and explains Korea, he says.
Reports have revealed that Kim has highlighted the increasing importance among buyers of a product's quality and performance as compared to its price.
"Boasting of one's fortune through brands is over. Value for money will replace the role brands used to play," he says.
The trend expert added that South Koreans need to be prepared for the worst-case that could happen.
"You need a decent survival strategy that will allow you to buy things that you need, however economically stricken you are. Visually flawed fruits, refurbished goods and display products will become more popular," Kim adds.