Korea's 'active seniors' becoming major consumer group
- 9 years ago
Life begins at 50... or even 60 for some.
Thanks to medical advancements, and a growing interest in health and fitness,... people are staying more active,... even in what was once considered to be "old" age.
That means the nation's soon-to-be-seniors are becoming one of society's major consumer groups.
Kim Min-ji has this story.
After working 20 years at an insurance company, Byun Yong-do now spends most of his time outdoors.
He's taken up photography as a hobby... and even invested 500 dollars in a new camera.
"I'm living for myself now, doing the things I've alway wanted to do. I don't have any debt or major bills, so I spend about a third of my monthly allowance on myself.
Byun is one of the country's so-called "active seniors."
"In Korea, active seniors are people who are socially and economically active -- they are willing to spend to improve the quality of their lives."
Unlike generations before them, a growing number of Koreans in their 50s and 60s aren't relying on their children for financial support.
They are independent and have disposable incomes.
And they're spending big on leisure activities and buying up items like cameras, art supplies and outdoor gear... and evening paying for continuing education.
"Now that my children are grown up,... I have time to spend money and enjoy my own life. I play the guitar and take singing lessons."
So what's made them different from their predecessors?
"Many members of the baby boomer generation are well-educated, had good paying jobs and were able to save up. They were the main consumers during Korea's industrialization period... and have more interest in leisure, fashion and health than seniors of the past."
Data shows consumers aged 50 to 64 spent 40 billion U.S. dollars in 2010.
In five years, their buying power is expected to triple.
Experts say this comes as more than 80 percent of them return to the job market after retirement,... especially to pursue the work they were passionate about when they were
Thanks to medical advancements, and a growing interest in health and fitness,... people are staying more active,... even in what was once considered to be "old" age.
That means the nation's soon-to-be-seniors are becoming one of society's major consumer groups.
Kim Min-ji has this story.
After working 20 years at an insurance company, Byun Yong-do now spends most of his time outdoors.
He's taken up photography as a hobby... and even invested 500 dollars in a new camera.
"I'm living for myself now, doing the things I've alway wanted to do. I don't have any debt or major bills, so I spend about a third of my monthly allowance on myself.
Byun is one of the country's so-called "active seniors."
"In Korea, active seniors are people who are socially and economically active -- they are willing to spend to improve the quality of their lives."
Unlike generations before them, a growing number of Koreans in their 50s and 60s aren't relying on their children for financial support.
They are independent and have disposable incomes.
And they're spending big on leisure activities and buying up items like cameras, art supplies and outdoor gear... and evening paying for continuing education.
"Now that my children are grown up,... I have time to spend money and enjoy my own life. I play the guitar and take singing lessons."
So what's made them different from their predecessors?
"Many members of the baby boomer generation are well-educated, had good paying jobs and were able to save up. They were the main consumers during Korea's industrialization period... and have more interest in leisure, fashion and health than seniors of the past."
Data shows consumers aged 50 to 64 spent 40 billion U.S. dollars in 2010.
In five years, their buying power is expected to triple.
Experts say this comes as more than 80 percent of them return to the job market after retirement,... especially to pursue the work they were passionate about when they were