How to be a Wise Consumer in the New Era 

- Professor Gyeong-Ja Kim from the Major in Consumer & Housing

The Fourth Industrial Revolution era is a high-density informatization era that is called the new 5G. Advancements in information technology has opened up a way for us to quickly access an expansive amount of information.

We live in a world where you can go anywhere and see anything. However, we can't just be focusing on the positive side. 

We live in a world where you can go anywhere and see anything.

We asked Professor Gyeong-Ja Lee about how to live as a smart consumer in this flood of overwhelming information.

Becoming a good consumer in the era of informatization

Consumption is no longer a simple act for people in this generation.

It has gone beyond the simple act of paying money to purchase a product, but has evolved into the stage of choosing and contemplating on consumption.Professor Kim argues that consumers are no longer the disadvantaged party in terms of accessing information. Consumers are actually those who produce more consumption information than the producers."We are in a cross-border era where each individual consumer uses their respective media and plays the role of a producer and seller.It's important for today's consumers to develop the ability to select and use the right information from the mass amount of the information out there.

If they can't do that, they lose their control as a consumer.

Due to the diversification of distribution channels and payment methods, consumers may become addicted to consumption without even developing the concept of paying money to purchase something, just like game addiction.

In order to become a smart consumer, you need to be careful of these things."

We live in an era where you don't "buy" goods, but "get" them.

Professor Kim predicts that if you learn the habit of clicking a button on your smartphone to purchase an object when you are a child, it will be harder to control your desire to consume in the future.

Even though the market is more competitive, there is more consumer information, laws and regulations are established, and there are enough resources than in the past, consumers who are unable to make a wise decision will have a hard time developing control and leadership regarding consumption, so Professor Kim advised that it's important for consumers to realize the value of their consumption.

"Consumption is the concept of dollar voting, such as voting for something with money. It's important for the consumer to think about what they truly need for their growth and development and consume based on that.

As information continues to grow, you need to be able to think more deeply about your consumption."

Thinking about the next era

For Professor Kim, the Fourth Industrial Revolution may already be passing by after reaching its peak.

Where does her insightful clairvoyance say the generation is headed toward?

"I am interested in seeing how technological advancements have positive and negative impacts on the life of consumers and the process through which a consumer receives technological products.

Long time ago, mobile phones that were merely telephones are now perceived as computers. Once they evolved into smartphones, there was a huge change in personal relationships and transaction methods, and I believe the same goes for bioengineering and technology like artificial intelligence.

This change will polarize the lives of consumers beyond the issue of the digital information gap or information bubble that have remained as issues to this day.

Seniors and the disabled population are the most in need of help for technology, yet they are the ones who are struggling the most with adapting to it, so we need more research on how to help these types of consumers."