A university student examines a menu outside a restaurant in Seodaemun District, Seoul, April 7. Korea Times photo by Na Min-seo

Consumer prices in Korea have surged this year, driven by soaring food and raw material costs. The increase burdens consumers, with many saying the cost of living outpaces official inflation statistics, forcing young adults to cut spending.

In response, younger consumers are turning to extreme frugality, a survival strategy called "jjantech" — a portmanteau of the Korean words for "stingy" and "tech" — that replaces the previous generation's "YOLO" (you only live once) consumption. Driven by a prolonged economic recession and high exchange rates, people in their 20s and 30s are turning to digital platforms like "rooms for beggars" (geojibang) and "map for beggars" (geojimap) to gamify their penny pinching.

On domestic mobile platforms such as KakaoTalk, participants share their daily expenses on public group chats and praise one another for completing the "no-spend challenge."

"I purchased green tea teabags for 3,100 won ($2.10)," one user wrote. Another said, "Let's brew and drink them two or three times." When another user said, "I plan to spend 75,000 won for a marathon participation fee," the room responded, "It's free if you just walk."

Han Su-min, 26, operates a chat room under the nickname "Beggar King." Han relies on cheap instant coffee on her way to work to avoid franchise costs.

"Prices have skyrocketed, so the burden of living expenses has grown," Han said. "I made the group chat to save money."

A KakaoTalk' group chat known as "room for beggars" operated by office worker Han Su-min / Courtesy of Han Su-min

For young adults, "jjantech" no longer carries much stigma. Many now see it as a survival strategy rather than a mere habit of thrift. As economic pressures mount, including a weak won and a prolonged downturn, young people are moving beyond ordinary frugality and into penny-pinching tactics just to make ends meet.

Kim Min-ah, 24-year-old college student, is one of them. She avoids social outings.

Source: Korea Times News