Hello everyone, it's nice to see you. In this video, I would like to talk about the issue of martong (a term referring to a type of financial borrowing). It seems to be having a significant impact on the economy of South Korea, especially affecting self-employed individuals quite severely. The theory about this emerged in early March 2023 in a stock gallery, and since young men are quite aware of it, the impact seems to be expanding tremendously. Today, there was also a related stock that rose, so let's take a look at it. The title is Even if it's expensive, they say they eat it: The unexpected reaction to the 100,000 won hotel bingsu. The price of the mango bingsu at the Shilla Hotel was 64,000 won in 2021, 83,000 won in 2022, and 98,000 won in 2023. It has increased at an astonishing rate. The reason it could rise this much is that people wanted to show off on Instagram, so they were willing to pay a high price for it.

This year, the price has only increased by 4,000 won compared to last year. Of course, it has surpassed the psychological price point of 100,000 won, but overall, it’s not a significant increase. Nevertheless, the atmosphere has changed. Let’s take a look at the article. According to the report, at the Seoul Shilla Hotel, which sells the highly popular ultra-expensive apple mango bingsu among luxury hotels, there are almost no waiting customers on weekdays these days. In fact, visitors have reported that the rooms are often not fully occupied, making it quite empty at times. Last year, customers had to wait one or two hours for a seat, but this year, the waiting time on weekends has been reduced to within an hour, compared to several hours of waiting last year. There was even a waiting list on weekdays last year, but now it has decreased to just one hour. The atmosphere has completely changed in just one year. Additionally, the premiums on gift certificates that were traded on online second-hand sites have also disappeared.

The premium that the opposition had on gift cones has completely disappeared. In fact, even when prices are lowered, transactions are not happening well. With high inflation and high interest rates, consumer sentiment has weakened, leading to an overall decrease in demand for high-priced desserts. Let's take a look at the reactions from everyone. Until now, bingsu costing over 100,000 won was something that women bought with someone else's money. Another comment mentions that while it used to be expensive, they would buy it with someone else's money, but now they will have to pay for it themselves. They often go with their boyfriends, of course, the boyfriend pays, and when taking pictures, the boyfriend doesn't appear in the photo, only the apple mango is photographed, and they brag as if they bought it themselves. Another comment states that Chanel's off-price sales have also disappeared. The first thing that happened after the mass buying frenzy was the disappearance of Chanel's open sales, and the next phenomenon that appeared was omakase.

The decline of fine dining has now become apparent. Let's take a look at a post from the stock gallery. This article was written on March 18, 2023, which is about a year and five months ago. It seems to have accurately predicted the current situation. Let me read it. 

A comment was added regarding the aftermath of the mortgage crisis. The frightening aspect of the mortgage crisis is that, excluding unmarried men, it will severely impact married men, especially those who have married through the mortgage system. Once the stories start to unfold, everyone except unmarried men will be affected. The hidden slaughter business that has been perpetrated against Korean men through collusion with various entities will be exposed. 

Now, let's look at the author's explanation regarding the impact of the mortgage crisis. It is stated that women who are about to get married must prove their loan history and bank statements.

The funds are not a matter of borrowing. Until now, the women who have been in power as ministers have had to show how they managed money. This is something that must be revealed. Based on the influence of these factors, the number of businesses run by the 586 and 8-li dealers, who were targeting the market, and self-employed individuals, such as the representative of O Fine Dining, who you just saw with the apple mango, is significant. The Ministry of Gender Equality and other national organizations and politicians that condoned and encouraged these practices, along with the companies that endlessly consumed Kenny's spending, have all exposed the economic structure that operated by siphoning off resources from the 2030 generation. This is what has truly opened Pandora's box. This is correct. Even when looking at the actual data, the number of business closures among self-employed individuals was 922,000 in 2019. The number of closures decreased in 2020, 2021, and 2022. However, suddenly in 2023, the situation changed.

It's not an explosion; it's 986,000, which is almost close to a million. It's much higher than before COVID-19. And now, in 2023, when we look at the delinquency rate of vulnerable self-employed individuals, it's at 10.2%. In 2022, it was 4.6%, and in 2023, it's 7.5%, rising at an incredibly fast pace. Of course, the media has reported on this, and many self-employed individuals explain their struggles with high interest rates and inflation, which certainly have an impact. However, there are even greater influences at play, such as the cleaning theory and the Vietnam theory. For example, as the cleaning theory emerged, we saw a phenomenon of deepening relationships and deepening marriage issues. It's clear that women in South Korea prioritize conditions over love. Additionally, we can observe the spending habits of South Korean women, and when they get married, there is a secret rule of 30 million won.

As the secret became known to Baron, and with the recent emergence of the Vietnam loan, the number of men dreaming of international gatherings and marriages without dating has naturally increased. Consequently, they are not meeting with Korean women, which has significantly impacted those in South Korea, especially self-employed individuals. From the perspective of the men, the Vietnam loan has burst, and they originally planned to marry with a loan of 30 million won. This is how the older sisters, like Kim Ji-young from 1982, got married with the help of their loans. However, with the Vietnam loan crisis, men have started to awaken and realize the situation. For them, it has become an emergency. About a month after the loan crisis hit, suddenly, KakaoTalk open chat rooms, often referred to as beggar rooms, began to pop up everywhere. Of course, it seems that they are not being properly managed now.

We can confirm that the younger generation is in turmoil, primarily because they frequently use delivery apps. This is an article from February of this year, stating that they can no longer afford to order food due to delivery fees. The 2030 age group is ordering more food delivery than ever. However, as you know, they haven't been saving money until now. But since the recent financial crisis, they are in a state of emergency, which means they can no longer use delivery services as much as before. In fact, statistics related to delivery have been compiled since 2017, and the number of delivery orders has consistently increased every year. However, this year marks the first decline. I believe this is influenced by the financial crisis. Of course, high inflation and high interest rates also play a role, but the impact of the financial crisis has led to a downturn in delivery services as well. As predicted by experts, many people are experiencing this situation.

You had such expectations, right? If you anticipate this, it seems that the current economic situation in South Korea is having a tremendous impact. I have also talked a lot about this since last year. If you are self-employed or planning to start a business, you need to take this into account. Especially, there are certain trends that women tend to follow. For example, last year, there was that sweet treat, Tanghulu, which only had a brief moment of popularity. So, women need to be cautious about trends. Additionally, when men and women are dating, they should also be careful about following trends. Of course, I believe it’s best to avoid artificial trends as much as possible. Anyway, I think it would be good to keep these things in mind. That’s all for this video. Thank you.

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