제 25 호 The New Economic Trend :The GG (Grand Generation)
Kicker: SOCIETY
The New Economic Trend :
The GG (Grand Generation)
by Sumin Lee , Reporter
In Korea, which has been greatly affected by the social phenomenon of low birth rate and aging, an issue that has been continuously emerging for a long time, the number of registered residents aged 65 or older exceeded 10 million in July last year. This is the same as saying that Korea has entered a super-aged society similar to the flow of the world's population. In line with this trend of population change, the University Chamber of Commerce and Industry released a report on the GG (Grand Generation) market on January 30, 2025, providing new services and product proposals tailored to the Grand Generation generation, which is gradually replacing the MZ generation as major consumers. In this article, I would like to talk about the Grand Generation generation, which has become such a target audience in many industries and is changing the brand's image.
What is the “GG”?
Grand Generation People enjoying their life
https://v.daum.net/v/20240611093828392
First, GG stands for grand generation. This generation consists of middle-aged and elderly people in their 50s and 70s born between 1950 and 1971, who are about to retire or continue their economic and social leisure activities even after retirement. In the past, this age group was classified as the elderly, but today's GG generation has a difference from traditional seniors. The most notable part is that people of this age continue to engage in vigorous economic activities and social participation and exercise strong influence in the consumer market. In addition, there is a strong tendency to live at the so called "sensitivity age" that feels more than 10 years younger than the biological age, and even people in their 60s consume products and services based on their individuality and interest in the form of consumption in their early 50s. It is also noteworthy that they consume for themselves rather than for their families and actively utilize various digital services such as FinTech and SNS. Finally, it can be seen that the consumption of the surrounding people is greatly affected by the consumption of the role model, and that the number of single person households in their 60s and older is increasing, and that there is a lot of consumption that tries to relieve loneliness.
Changes in the Market with the advent of the GG generation
Senior Models of the department store Culture Club
https://www.yna.co.kr/view/PYH20190926106100013
In line with these changes, industries in various fields are creating a market that combines the GG generation, which is competitively the center of current consumption. For the GG generation who invests for their individuality and interests, the market related to learning and hobbies is growing, and services related to culture and hobbies are increasing. In addition, a new trend has emerged to pursue nature suitable for the age of "proaging," and digital health and nursing services are also deepening, such as the increase in AI-based health monitoring services and personalized medical services. As a representative example, in the medical/beauty industry, tools that GG generation can easily use to improve skin, develop high functionality and convenience, and provide products that adjust the font size of the product to make it visible in large letters. In addition, the department store cultural center is expanding opportunities to learn more by providing model classes for seniors and premium services such as yoga/golf. It is also enhanced and offers more customized services. It provides services such as those that can relieve the loneliness of single-person households through custom-made shared housing models, and various hobby life activities support services through hobby/community facilities in shared spaces, and provides flexible residential services through a won-based rental system that is slightly different from a Silver Town.
A view of changes in the market
Now that so many industrial changes are taking place, how should new branding be done for the GG generation? For the GG generation, who have financial leeway and are interested in investing in improving their quality of life, they need to develop premium experiences such as luxury tours, advanced services, and silver line products. In addition, for those who are gradually getting used to digital devices, we can optimize app design to minimize inconvenience, increase convenience, and help them access the deepening digital environment more easily. In addition, it can be recognized that the changes in the market are still changing, such as providing community services for those who have enough time to enjoy hobby activities such as golf and mountain climbing so that easier encounters and hobbies can be shared. However, there is also an opinion that it is dangerous to see the GG generation only as a major consumer. There are many people who still make up this generation who are struggling to adapt to digital devices and the environment, and there is a negative opinion that not all generations of members are financially rich, so they can accelerate hierarchical division. It is also necessary to propose and develop points of consultation between these opinions.
Companies that need to change in line with the continuous change in the consumption oriented generation and those who are preparing to become members of such companies need to worry about what subjectivity to approach this trend, and why don't you take a neutral view of this situation and think about the opportunities it may offer?
Sources:
https://www.ktnews.com/news/articleView.html?idxno=135314
https://www.econovill.com/news/articleView.html?idxno=683295
https://www.pharmnews.com/news/articleView.html?idxno=246049
