S. Korea ‘YOLO’ Tribe Uses Discounts, Coupons and Secondhand Marketplaces

(According to a report from Innocean Worldwide based on an analysis of big data collected over the last year with regard to keywords such as ‘YOLO’ and ‘Zzantech,’ which is a combined word of ‘frugal’ and ‘FinTech’, the YOLO tribe was most active with the consumption of travel services, luxury items and beauty products. (Image: Kobiz Media))

S. Korea ‘YOLO’ Tribe Uses Discounts, Coupons and Secondhand Marketplaces

By M.H.Lee, The Korea Bizwire, Oct. 23, 2017

SEOUL, Oct. 23 (Korea Bizwire) – Members of the ‘YOLO’ tribe, which refers to consumers with a tendency towards impulse buying, are found to be frequent users of coupons, discount deals and secondhand markets, a new report has claimed.

According to a report from Innocean Worldwide based on an analysis of big data collected over the last year with regard to keywords such as ‘YOLO’ and ‘Zzantech,’ which is a combined word of ‘frugal’ and ‘FinTech’, the YOLO tribe was most active with the consumption of travel services, luxury items and beauty products.

When it comes to planning holidays, the report found the YOLO tribe tends to gather information to save up as much as possible regarding lodging, flights, and restaurants.

Regarding accommodations, the YOLO tribe preferred affordable premium lodging over cheaper options, the marketing firm found after analyzing around 100,000 related keywords, including ‘hotel’, ‘comparison’, and ‘app’.

With regard to flights, keywords such as ‘points’, ‘exchange rate’, and ‘mileage’ were found to be among the most frequently used, while ‘discount’, ‘public transport’ and ‘coupons’ dominated keywords related to transport.

“When members of the ‘YOLO tribe’ plan a trip, they use price comparison sites and apps to get discounts, special deals and membership points when booking lodging or flights, and seek ways to save more through exchange rates while still opting for premium services,” the report said.

The report also found the YOLO tribe tends to use apps used by locals when it comes to finding restaurants to get information regarding discounts and reservations.

A number of ways to enjoy luxury items preferred by the YOLO tribe were found during the study, including rental services, secondhand markets, and overseas online shopping, all of which allows consumers to get ahold of items from luxury fashion brands at more affordable prices.

When it came to beauty products, members of the YOLO tribe were found to be focused on saving from purchasing beauty products and using the money instead to invest in personalized services such as counseling and visits to skin care clinics.

“Contrary to the perception that the YOLO tribe has a tendency towards impulse buying, the more reasonable and effective trend of ‘YOL Tech’ will expand from now on,” said Innocean’s Lee Su-jin.

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