South Korea: A silver lining among uncertainty and instability
In 2023, South Korea has faced old and new social conflicts which are clearly affecting the entire society. Stress is considered the top health problem, while most other countries tend to choose mental health instead.
Lots of Korean parents believe that higher school grades guarantee a better life than others. This competitive mindset puts a lot of pressure on teachers, especially in public education. Most other countries think their teachers are working hard, regardless of the opinion on the overall education system and teaching as a job. Only in Korea does almost half disagree with the statement "most teachers in my country work hard". In 2023, several teachers committed suicide due to professional conflicts, including continuous complaints from parents.
These conflicts not only affect education, but also young generations’ decision-making process for marriage and family planning. As a result, total fertility rate in Korea has been recording under 1.0 since 2018 and is getting lower and lower year-on-year. The government has announced gender equality policies to promote higher fertility rates, but the effectiveness is questionable.
Competition is not the only source of conflict in Korean society. Unemployment has long since been a top concern in Korea. But concern about crime and violence rocketed in September 2023, following a series of violent attacks, becoming a top-five concern for the first time.
Affected by ongoing societal issues, depression and suicides seem to be chronic. But the social atmosphere does not allow people to talk about this and a number of professionals like psychiatrist and counselors are not in high demand. Despite these circumstances, people are trying to manage the elephant in the room at a personal level. A number of apps for meditation and mindfulness have been developed which are able to make up for insufficient social support for those in need.
These kinds of transformation are not limited to areas surrounding mental health and looking to the future generations to drive consumption. Luxury brands have signed several contracts with K-pop idols from Generation Z and Alpha. By appointing them as brand ambassadors, the brands attract young consumers of the same generation who look up to idols, turning today’s consumers into the loyal customers of the future. Especially in Korea, the financial industry is launching dedicated cards and e-finance services for this generation.
Currently Korea is facing a polycrisis; social trust is collapsing, and a combination of pressures could cause society to unravel. Nevertheless, efforts to overcome it are also spreading. There is an active movement to prepare for the future. While silver lining efforts are underway to overcome the crisis, it is time to stay tuned for the next stage of Korea.
Hwanglye Park
Country Manager, Ipsos in South Korea