“The Ministry of Foreign Affairs” and “Trade” and the “Presidential Council on Nation
Branding” took advantage of the Korean Wave to promote national interest and enrich the
Korean image in the world.
Despite the fact that the band broke up mid-2001, they were so popular that album sales
continued to increase for some time.
The term Millennials is usually considered to apply to individuals who reached
adulthood around the turn of the 21st century. However, the precise delineation varies
from one source to another. Neil Howe and William Strauss, authors of the 1991 book
Generations: The History of America’s Future, 1584 to 2069, is often credited with
coining the term. Howe and Strauss define the Millennial cohort as consisting of
individuals born between 1982 and 2004. There is a great deal of variation from one
individual to another within any generational cohort. Nevertheless, the particular
environment for any generation affects those individuals in ways that are observable as
broad tendencies. This definition of the term discusses those reported tendencies for
Millennials in the workplace, Millennials and technology, Millennials and culture.
social issues is its rapidly aging society. Following the end of the Korean War in 1953,
South Korea experienced a major spike in birth rates from 1955 to the early 1960s. The
end of World War II resulted in another baby boom between 1968 and 1974. The
combined population of these Baby Boom Generations total to around 16.5 million
people – approximately 34% of South Korea’s total population (Gerzema & D’Antonio,
2013). According to the South Korean National Statistical Office, the aging of the Baby
Boomers paired with the drastically low birth rate will more than triple South Korea’s
current, already record-breaking aging index: from 88.7% to a whopping 288.6% by 2040
(Fromm & Garton, 2013).
Millennials are driving a shift towards the public services sector. In South Korea, the
youth unemployment rate is nowhere near the levels of the Middle East or southern
Europe.
Many Korean young (millennials) people report feeling “stuck.” They’re unhappy that
the existing system is not making room for them. Aging baby boomers are not retiring.
Because of traditional deference to those who are older, it is difficult for young people to
get ahead in politics or academia. Only in entertainment and sports can young people
achieve rapid success, but those are highly competitive fields with only limited slots available. Some young people will drift toward street protests. Others will simply go
overseas. The level of unemployment and the degree of frustration are not likely high
enough, however, to provoke Korean millennials to lead a revolution (Steinberg &
Institute of Southeast Asian Studies, 2010).
The increasing needs of this aging population are placing a heavy burden on South
Korea’s youth. While retired Korean elderly receive benefits from the social welfare and
pension systems, blind spots in the government’s financial system are leaving many
seniors financially unprotected.
The government attempted to combat these statistics in 2014 by passing the Mandatory
Retirement Act; a policy that increased the legal retirement age of 58 to 60 years old to
allow many older citizens to continue working.
. No one knows what the future can hold, which makes it an exciting period for
Korea today (Kim, 2016). South Koreans, who are in their 20’s and 30’s, are very powerful targets for
retailers due to their heightened knowledge about fashion trends as well as luxury goods.
For example, it has been demonstrated that South Koreans who are in the ages of 20 and
up entailed 35% of those consuming luxuries in the year 2006 while this rose to 44% by
2009 (Lestang, 2014).
, “These celebrity endorsements are essential to the business and marketing side
of the Korean fashion industry, especially when it comes to exporting other Asian
countries (Cruz, 2015). In 2015, South Korea exported more than $2.64 billion in beauty products between
January and November (Limei, 2016).
Three million plus Japanese natives and five million Chinese natives who visited South
Korea in 2014 have historically been an important driver of Seoul’s luxury goods market
(TFL, 2016). Lotte, the biggest chain of department stores in the country, stated at the end of May 2013
that Chinese tourists’ expenses at their main store in Seoul increased by approximately
60% between 1st January and 20th May.
Chanel’s President of Fashion Bruno Pavlovsky specifically stated that K-pop stars “have
become incredibly powerful” in China and noted the benefits of holding a fashion show
in Seoul due to the influx of Chinese and Japanese tourists.
As Chitrakorn (2016) stated that thanks to their influence on the Chinese market, K-pop
stars are now valuable commodities to global luxury brands as well as Korean companies.
Chanel, Gucci, Alexander Wang, Moschino, etc. have previously worked with K-pop
stars; for example, by providing them with front row seats at their fashion shows. K-pop
star G-Dragon was the only celebrity from Asia (Ji-seon, 2015) invited by Karl Lagerfeld
(chief designer of Chanel) to Chanel’s Haute Couture F/W 2015-16 show (Figure 29 and
30), as a V.I.P. guest, to open the show by descending a golden staircase to arrive at the
gambling tables (Ji-seo, 2015; Nguyen, 2015).
His genderless fashion, make-up and distinctive styling, prompted Business of Fashion to
select him as one of the 500 most influential people in fashion (Shin, 2016).
Epistemology is derived from the Greek word “episteme” which implies information
(Truncellito, 2017).
The interviewer can pursue in-depth information around the topic.
“Survey Monkey is the world’s leading provider of web-based survey solutions, trusted
by millions of companies, organizations and individuals alike to gather the insights they
need to make more informed decision” (Survey Monkey, n.d.).
According to Solomon (2014), the purchasing decision model consists of five stages
(Figure 33) – problem recognition, information search, alternative evaluation, purchase
decision and post-purchase.

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