Knowing YONO: The New Minimalist Lifestyle Taking Over South Korea
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South Korea, VIVA – As global economic uncertainty looms large, frugal living has become a popular lifestyle choice.
In South Korea, a new philosophy known as "You Only Need One" (YONO) has emerged as a guide for mindful spending.
The Land of the Morning Calm is currently experiencing a surge in popularity for the YONO lifestyle, which emphasizes the importance of owning fewer, higher-quality items.
This trend has gained traction amid rising inflation and slowing income growth.
Many individuals have adopted the YONO lifestyle by cutting back on unnecessary expenses. Data from NongHyup Bank, as reported by MyNews, shows a 9 oercent decline in dining out transactions among 20-30 year-olds between January 1, 2022, and June 30, 2024.
Similarly, shopping mall transactions have decreased by approximately 3 percent, and coffee consumption at cafes has dropped by 13 percent.
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Conversely, there has been a 21% increase in consumption of ready-to-eat meals at convenience stores.
These figures clearly indicate that South Korean youth are prioritizing basic necessities over discretionary spending. They are also opting for experiences such as overseas travel and health investments like exercise.
The YONO principle is seen as a solution for building a sustainable and meaningful life amidst complex global challenges.
Not surprisingly, many young people are embracing YONO as a roadmap to achieving their financial goals.
YONO serves as a counterpoint to the "You Only Live Once" (YOLO) philosophy, which promotes unrestrained spending and instant gratification.
While YOLO encourages individuals to seek happiness through material possessions, YONO emphasizes mindful consumption and long-term planning.
The YONO lifestyle fosters a more critical mindset, prompting individuals to carefully consider the implications of their choices.
By encouraging individuals to prioritize their needs and make informed decisions, YONO promotes balance, planning, and long-term stability.
