From the survey to investigate the interest in luxury products of *MZ generation by the Hyowon Herald, 57.7% said that they have bought or received a gift of luxury products. Also, 82.4% of them said that they had had a conversation about luxury products. 54.2% of MZ generations showed interest in luxury brands. following this, many luxury brands are growing due to the interest of MZ generations, though other fashion beauty industries have a hard time because of Covid19. Especially, people in their twenties showed a steep increase in purchase rates. Looking at Hyundai department store’s luxury sales growth rate by customer age group, it is clear that twenties (37.7%) passed thirties (28.1%), and forties (24.3%). From the Han Kyung Business’s survey of MZ generation about their propensity to consume, 63.5% of respondents answered that they possess at least more than one luxury product. For these reasons, this article will figure out why the MZ generation’s spending on luxury products has grown.

   MZ generations' increased spending on luxury products’ first reason is their propensity to consume. MZ generation thinks trends and experiences are the most important things. Moreover, they are very liberal with their money for themselves. The MZ generation is more individualized than other generations and has a clear preference for “immediate consumption” to feel satisfied with immediate consumption. Notably, for them, brands, preferences, and values are more important than the price. Furthermore, these days, it is hard for the MZ generation to get a job and get a house and a car, and they realize it by themselves. Therefore, they think it is better to spend money for what they want than to save money. Kim Min-Su (Department of English Education, 20) said, “I am working in a part-time job, but my goal is not to save money to buy a car or a house. I usually go on a trip, buy what I want, and eat what I like with my money. However, whenever I have a conversation with the older generations, they mostly think that I am saving money by working a part-time job. Obviously, the MZ generation, including me, prefer to spend for themselves rather than trying to raise money, compared to other generations.”

   The second reason is the effect of social media. From the survey by the Hyowon Herald, from those who have any interest in luxury products, 50% of them said they started to get interested in luxury products because of Youtube and Social Network Service (SNS). The MZ generation is familiar with digital stuff. Thus, we can say that the primary key for the culture is to show one’s success and wealth by buying luxury brands’ stuff. There is a lot of exposure to luxury products through SNS or the Internet, which leads to consumption naturally. From Instagram, one of the representative SNS, it is super easy to find posts certifying after purchasing expensive luxury goods. Not only on SNS but also on Youtube, it is easy to find unboxing luxury products videos by the MZ generation. Lee Tae-Ho (20, student) said, “I usually spend my time doing SNS, such as Instagram and Facebook, and I think many celebrities and influencers affected me in getting interested in luxury brands. Watching them wear luxury brand products also became getting interested in luxury goods. As a result, I search for many videos about luxury goods Howl or luxury shopping on YouTube.”

   The last reason is Luxury Tech. First of all, Jae-Tech is an investment technique in South Korea. Luxury Tech is a word that combines Luxury Brands and Jae-Tech, which means it can earn more than the purchase price even if it is a used luxury product. The rarity of luxury products is an advantage after purchasing the luxury goods. Furthermore, if the product is stored well, the price will to increase in the second-hand market. The more critical the scarcity, the higher the price. Luxury Tech means not finishing in only buying luxury goods but also connecting with Jae-Tech, investment techniques. This use of Luxury Tech by the MZ generation is shaking the paradigm with a newly-coined word such as “Cha-Tech (Chanel+Luxury Tech)” and “RolTech (Rolex+Luxury Tech)” made by MZ generations. The sentiment of buying is an investment, and the thought that it can be resold at any time is creating a pattern in the Korean luxury consumption market. As the MZ generations realized reselling luxury products on second-hand trading platforms such as the Carrot Market and Lightning Market is possible, many MZs purchase for Luxury Tech from the start.

   Kang Nam-Wook (Prof. Department of Education, Gyeongsang National University) said, “MZ generation’s consumption of luxury products shows the characteristics of the MZ generation, who do not hide their desires and thoughts and pursue self-realization by pursuing immediate satisfaction, unlike the previous generation. Also, it seems to replace the need for self-actualization, which is not satisfied, with luxury goods."

* MZ generation: A term that encompasses the 'Millennials', born from the early 1980s to the early 2000s, and the 'Generation Z', born from the mid-1990s to the early 2000s.