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Famous influencers are dropping like flies: Why?
- Thread starter Aaron carter
- Start date
https://www.google.com/amp/s/amp.sc...consumption-lifestyle-economic-realities-bite
But the novelty of endless consumption has worn off and a new narrative has emerged on the same platforms that were the gateway to excessive shopping, giving rise to the countermovement among Asian youth: underconsumption.
In the past, Lim Yi Ying, a 35-year-old Singaporean business owner, could spend over S$1,000 (US$767) on Singles’ Day sales, even making repeat purchases without realising.
During sales, or even when I’m bored, I would open shopping apps and scroll through and just find a reason to buy something – whether you need it, you will find a reason like it’s cheap or on offer or the deal is too good to resist,” the reformed shopaholic said.
“During a sale event in 2021, I accidentally bought two of the same Dyson vacuum cleaners – one on Shopee and another on Lazada. I didn’t even realise I bought the same product until both arrived. When you’re in the mood to shop, you can forget that you already bought it because there are so many purchases.”
But the novelty of endless consumption has worn off and a new narrative has emerged on the same platforms that were the gateway to excessive shopping, giving rise to the countermovement among Asian youth: underconsumption.
In the past, Lim Yi Ying, a 35-year-old Singaporean business owner, could spend over S$1,000 (US$767) on Singles’ Day sales, even making repeat purchases without realising.
During sales, or even when I’m bored, I would open shopping apps and scroll through and just find a reason to buy something – whether you need it, you will find a reason like it’s cheap or on offer or the deal is too good to resist,” the reformed shopaholic said.
“During a sale event in 2021, I accidentally bought two of the same Dyson vacuum cleaners – one on Shopee and another on Lazada. I didn’t even realise I bought the same product until both arrived. When you’re in the mood to shop, you can forget that you already bought it because there are so many purchases.”
In a 30-second TikTok video posted two weeks ago, Lim shares how she maintains her underconsumption lifestyle, such as investing in simple or timeless clothes that outlast transient fashion trends and downsizing her wardrobe and shoe collection.
Her video is among thousands of social media posts celebrating frugality and romanticising conservative spending, with the “underconsumptioncore” hashtag garnering over 46.1 million views on TikTok.
For Lim, embracing the “underconsumption core” trend has opened up new avenues to reduce her carbon footprint and pursue a minimalist lifestyle although she acknowledges there is more that she can do and learn.
Her video is among thousands of social media posts celebrating frugality and romanticising conservative spending, with the “underconsumptioncore” hashtag garnering over 46.1 million views on TikTok.
For Lim, embracing the “underconsumption core” trend has opened up new avenues to reduce her carbon footprint and pursue a minimalist lifestyle although she acknowledges there is more that she can do and learn.
More people in Singapore declared bankrupt in first half of 2024
- Tuesday, 03 Sep 2024
SINGAPORE: Applications for bankruptcy rose in the first half of 2024, as did the number of people declared eventually bankrupt.
Recent Law Ministry (MinLaw) data showed that 2,334 people filed for bankruptcy in the six months to June 30, up 25% on the same period in 2023, while 594 were later declared bankrupt, an increase of 11%.
New World Development shares tumble as Hong Kong property woes bite
Stock touches 21-year low after developer flags $2.6bn loss for latest year
Property developer New World Development's office tower, K11 Atelier King's Road, in Hong Kong. The company has flagged a loss of about $2.6 billion. © Reuters
GRACE LI and PEGGY YE, Nikkei staff writersSeptember 2, 2024 18:15 JST
HONG KONG -- Hong Kong real estate conglomerate New World Development on Monday saw its stock price plunge by as much as 14.1% to the lowest level in 21 years after it warned of a hefty loss.
The company expects to record a loss attributable to shareholders of 19 billion to 20 billion Hong Kong dollars ($2.4 billion to $2.6 billion) for the latest fiscal year through June, it said in a filing to the Hong Kong Exchange after the market closed last Friday.
NWD's stock ended Monday's trading at HK$6.83, down nearly 13% from the previous close.
In South Korea, young Gen Z and Gen Y are bidding goodbye to their days of YOLO (“you only live once”) spending and prioritising saving amid high inflation and weak income growth rates.
According to South Korea’s NH NongHyup Bank, millennials are choosing to stay home for meals instead of dining at restaurants, with dining-out transactions dropping by close to 10 per cent in the first half of 2024 compared with the same period last year.
Meanwhile, consumption of convenience store foods rose by 21 per cent and Starbucks purchases dropped by 13 per cent over the same period.
“When you combine rising prices with the fact that many youths are being retrenched in the latest spate of lay-offs, it is not surprising that people are starting to embrace the underconsumption core trend … for now,” said Dawn Cher, founder of SG Budget Babe, a finance blog, expressing scepticism that these habits would be ingrained among the youth of today.
But the trend could still normalise thriftiness and those tightening their pursestrings no longer have to fear being “the odd one out” or labelled as cheap, Cher said.
The underconsumption movement comes even as the influencer market in Southeast Asia continues to boom. Influencer-related advertising spending is projected to rise to US$693.7 million this year and US$1.1 billion by 2028, according to INSG, a blog website specialising in social media marketing trends.
Underconsumption resonates more with those living in Singapore and Hong Kong, given scarce space in the two cities where overconsumption could easily turn into clutter and dead-piles, said Lorna Tan, head of financial planning literacy at DBS Bank.
According to South Korea’s NH NongHyup Bank, millennials are choosing to stay home for meals instead of dining at restaurants, with dining-out transactions dropping by close to 10 per cent in the first half of 2024 compared with the same period last year.
Meanwhile, consumption of convenience store foods rose by 21 per cent and Starbucks purchases dropped by 13 per cent over the same period.
“When you combine rising prices with the fact that many youths are being retrenched in the latest spate of lay-offs, it is not surprising that people are starting to embrace the underconsumption core trend … for now,” said Dawn Cher, founder of SG Budget Babe, a finance blog, expressing scepticism that these habits would be ingrained among the youth of today.
But the trend could still normalise thriftiness and those tightening their pursestrings no longer have to fear being “the odd one out” or labelled as cheap, Cher said.
The underconsumption movement comes even as the influencer market in Southeast Asia continues to boom. Influencer-related advertising spending is projected to rise to US$693.7 million this year and US$1.1 billion by 2028, according to INSG, a blog website specialising in social media marketing trends.
Underconsumption resonates more with those living in Singapore and Hong Kong, given scarce space in the two cities where overconsumption could easily turn into clutter and dead-piles, said Lorna Tan, head of financial planning literacy at DBS Bank.
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