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Middle-Aged Become More Style-Conscious

Koreans in their 40s and 50s are becoming more groomed and style-conscious, credit-card spending patterns show. They rage against the encroaching twilight by snapping up stylish clothes, spending lavishly on beauty care and enjoying the latest in art and culture. And many do so using their smartphones, effortlessly embracing the technology of an era they supposedly missed out on.

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Based on an analysis of credit card spending from 2012-2015, BC Card on Wednesday said people in their 40s and 50s spent far more than those in their 20s and 30s on beauty care, movies and clothes.

Spending on beauty care among 20-somethings grew 22.8 percent and among 30-somethings 26.3 percent, but among those in their 40s and 50s it surged 35.3 and 41.7 percent. Spending at barber shops, which used to be a bastion of middle-aged men, among 40- and 50-somethings fell 22.9 percent and seven percent as they turned to hair salons, but online shopping transactions by Koreans in their 40s and 50s using credit cards grew 47.9 percent and 54.7 percent.

In contrast, those in their 20s and 30s only spent around 20 percent more.

Jang Seok-ho at BC Card said, "It's wrong to think that people over 50 are too baffled by modern technology".

There was also a 20-percent rise of spending by the middle-aged on fashion accessories, while 30-somethings' spending only crept up 1.5 percent. Their spending on musicals and plays rose 36.8 percent and 73 percent, compared to 30.4 percent among those in their 20s and 14.5 percent in their 30s.

The reason seems to be an increasing life span and a rise in the number of baby boomers who are retiring but want to enjoy their life rather than settle glumly into old age. People also stay younger and live longer than the generations before them.

But the trend also points to a polarization of wealth, where those with secure jobs and money to spare spend freely while younger people scrimp and save.

Kim Dae-jong at Sejong University said, "People in their 20s have problems finding jobs, while those in their 30s are either desperate to save up money to buy homes or busy paying off their housing loans. But 40- and 50-somethings have more cash and can spend a bit more".

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