Millennials in Korea: No longer young, but unable to step into adulthood SEOUL, December 23 (AJP) - In South Korea, millennials are no longer young — yet many remain unable to move into what society defines as adulthood. Grouped together with Gen Z under the shorthand "MZ generation," millennials are aging out of youth by any demographic measure. The youngest, born in 1996, will turn 30 next year; the oldest will be 45. But for a large share of this cohort, milestones traditionally associated with adulthood — stable employment, marriage, homeownership and child-rearing — remain delayed, constrained or out of reach, often against their will. Their misfortune began early. As teenagers, older millennials lived through the 1997–98 Asian financial crisis, when the country that had embodied the "Miracle on the Han River" was forced into an IMF bailout. Just as the eldest entered the job market, the global financial crisis of 2008 struck, shrinking opportunities and resetting career ladders. Since then, the expected rewards of aging — dating, marriage, childbirth and owning a home — have been steadily pushed further down the timeline. What millennials learned instead was that salaried income alone would not be enough. They self-taught, speculated and became the driving force behind Korea's asset boom, often fueled by leverage. The term "youngkkeul" — roughly meaning "maxing out loans to the soul" — was coined to describe their panic-driven borrowing, taken on in fear of being permanently shut out of homeownership and asset accumulation. The numbers reflect that anxiety. According to borrower-level household loan data released by the Bank of Korea, the average amount per new mortgage loan in the third quarter of 2025 reached 220 to 230 million won, the highest level since the statistics were first compiled. By age group, mortgage growth was most pronounced among those in their 30s, with borrowing heavily concentrated in Seoul and the wider metropolitan area. Borrowers in their 30s and 40s now account for more than half of all new household loans. Yet ownership remains elusive. Only one in four households headed by people in their 30s lives in a home they own. The number of households without homes reached 527,729 last year in Seoul, an increase of 17,215 from the previous year and the highest figure since statistics began in 2015. "Korea has traditionally had a middle-class myth," said Kim Yong-jin, a professor at Sogang University School of Business. "The core requirement of being middle-class is owning a home. Even if you can live comfortably without one, in Korea, homeownership is treated as a measure of success. That creates fundamental demand." Behind the youngkkeul phenomenon lies a powerful fear of missing out. The belief that "if I don't buy now, I'll never own a home in Seoul" has hardened, pushing loan demand among people in their 30s toward high-priced areas with expensive housing and rents. But not everyone can play this game. "Youngkkeul is only possible for those in their early 30s with stable, well-paying jobs," said Lee Chang-min, a professor at Hanyang University School of Business. "It's creditworthy professionals who can secure loans. Those who enter the workforce late, even in their 30s, often can't." Despite high debt burdens, millennials remain deeply asset-oriented. In a real estate perception survey conducted last year by Woori Financial Group, 44.6 percent of Gen M respondents said real estate investment is essential to building wealth — the highest among generations. Gen Z recorded the lowest share at 36.8 percent. Unlike their younger counterparts, millennials favor asset and career stability over a carefree lifestyle. That preference extends to work. When data consulting firm PMI surveyed 1,000 office workers nationwide via GS&Panel, 45.9 percent said they would remain office workers until retirement unless something unexpected happened. The figure was especially high among respondents in their 30s and 40s. While those in their 20s most often defined success by "high income," respondents in their 30s, 40s and 50s overwhelmingly chose "work-life balance" as the top priority. Millennials also face an identity crisis unique to Korea's legal framework. Employment-related laws define youth as ages 15 to 29, while small business and employment insurance laws extend youth status to 34. In startups and agriculture, the cutoff stretches to 39 or even 40. As a result, many millennials remain administratively classified as "youth" long after society expects them to behave like adults. That contradiction is becoming more visible in the labor market. According to employment trends released last month by Ministry of Data and Statistics, the employment rate for people aged 15 to 29 fell to 44.3 percent in November, down 1.2 percentage points from a year earlier — the lowest November reading in five years. At the same time, unemployment among people in their 30s surged nearly 30 percent year-on-year, underscoring mounting pressure on the broader "2030 generation." Despite being labeled "youth," millions of millennials are not economically prepared to exit that category. No longer young, yet unable to arrive at adulthood, they occupy a prolonged in-between — carrying debt, delaying life decisions and redefining what growing up means in modern Korea. 2025-12-23 18:03:30

South Korea celebrates record 18.5 million tourists SEOUL, December 23 (AJP) -Sharmaine Lee from Singapore became the 18.5 millionth foreign visitor to South Korea this year on Tuesday, greeted with fanfare at Incheon International Airport as the country’s inbound arrivals surpassed the pre-pandemic peak of 17.5 million recorded in 2019. Buoyed by the milestone, the government has moved up its long-term tourism ambition, setting a target of attracting 30 million foreign visitors by 2030. According to the Korea Tourism Organization, the surge reflects a synchronized recovery in travel demand across Asia, the Americas and Europe, reinforced by the global appeal of K-pop, K-dramas and Korean beauty culture. Yet behind the record headcount lies a persistent structural weakness: tourists are returning in force, but they are spending less. A recent report by Yanolja Research shows that average per-capita spending during the first nine months of 2025 stood at $1,010.4, down 15.3 percent from $1,193.1 in 2019. As a result, total tourism receipts reached $14.23 billion, recovering to just 92.2 percent of pre-pandemic levels despite inbound arrivals already exceeding the earlier peak. Industry experts increasingly point to Japan’s policy shift as a possible reference point. Since 2014, Tokyo has treated tourism as a pillar of national growth, prioritizing longer stays and spreading visitors beyond major cities. That strategy delivered 36.87 million foreign visitors and a $41.2 billion tourism surplus last year. By contrast, South Korea continues to run a structural deficit, as outbound spending by Korean travelers outpaces inbound tourism revenue. At the center of the challenge is the length of stay. Foreign visitors currently remain in South Korea for an average of three to four days — a duration experts say must be extended to a week or more to generate meaningful economic spillovers. “The essence lies in why they come, how long they stay, and what brings them back,” said Yoon Yoo-sik, a professor at Kyung Hee University’s College of Hotel and Tourism Management. He stressed that South Korea needs to move beyond generic sightseeing toward higher-value, experience-based offerings spanning K-pop, beauty and MICE (meetings, incentives, conferences and exhibitions). In response, the Ministry of Culture, Sports and Tourism plans to accelerate what it calls a “structural transformation” beginning in 2026. Measures under review include streamlined entry procedures, dedicated transit passes for foreign visitors and improvements to mobile payment systems to better serve the growing ranks of independent travelers. As South Korea’s tourism numbers push into uncharted territory, policymakers face a familiar question: whether the next phase of growth will be defined by how many visitors arrive — or by how long they stay and how deeply they spend. 2025-12-23 17:57:33

South Korea's stocks edge up, China and Japan trade flat SEOUL, December 23 (AJP) - South Korea’s KOSPI rose slightly on Tuesday as Samsung Electronics closed at a record high, while Chinese and Japanese markets were little changed. In Seoul, the benchmark KOSPI gained 0.3 percent to finish at 4,117.32, extending its winning streak to a third session. The tech-heavy KOSDAQ fell 1 percent to 919.56. Samsung Electronics rose 0.9 percent to 111,500 won ($75.3), reaching the highest closing price in its history. SK hynix added 0.7 percent to 584,000 won. Shipbuilding shares surged. HD Hyundai Heavy Industries climbed 3.7 percent to 533,000 won and Hanwha Ocean jumped 12.5 percent to 123,400 won, and HD Korea Shipbuilding & Offshore Engineering gained 3.2 percent to 432,000 won. The rise came amid growing expectations for shipbuilding cooperation between South Korea and the United States. U.S. President Donald Trump said Monday at Mar-a-Lago, Florida, that the Navy’s newly announced class of frigates will be built in partnership with South Korea’s Hanwha. He added that Hanwha agreed to invest 5 billion dollars in the Philadelphia Naval Shipyard, calling the company “a good company.” Entertainment stocks rallied on hopes that China will ease restrictions on Korean cultural content, after reports that a K-pop concert in Hong Kong may be broadcast live across China. Hybe rose 5 percent to 324,500 won, SM Entertainment gained 7.6 percent to 127,700 won, YG Entertainment climbed 4.3 percent to 66,200 won, and JYP Entertainment added 3.1 percent to 72,200 won. Japan’s and China’s markets showed little movement. The Nikkei 225 added 10.48 points to 50,412.87, while China’s Shanghai Composite Index rose 2.61 points to 3,919.98. 2025-12-23 17:48:20

Naver, Spotify open joint popup store in Seoul to showcase audio content partnership SEOUL, December 23 (AJP) - South Korean internet giant Naver and global music streaming service Spotify have launched a two-day popup store in Seoul's Seongsu-dong to promote their content partnership. The popup store, running from Dec. 23 to 24 at XYZ SEOUL, allows Naver Plus membership subscribers to experience integrated audio content services from both platforms. Non-members can also gain access by signing up for the membership on-site. Since Nov. 27, Naver Plus membership subscribers have been able to access Spotify Premium Basic as part of their monthly subscription, enabling them to stream Spotify's extensive music library at no additional cost. The venue features multiple experience zones highlighting the integration between Naver's services and Spotify. A navigation zone demonstrates how Naver Maps can sync with Spotify to recommend playlists based on saved destinations, while a search zone allows visitors to find and play music directly through Naver's search results. The popup store also includes interactive areas where visitors can create customized eco-bags and view works by graffiti artists. A special room dedicated to South Korean boy band Stray Kids member Felix, who serves as campaign ambassador for both companies, is also available. Naver said it plans to continue online and offline promotional events to strengthen user engagement with the Naver-Spotify collaboration. 2025-12-23 17:47:53

North Korea holds grand openings of new hotels near Mt. Paektu SEOUL, December 23 (AJP) - North Korea has completed five hotels in the country's tourist zone of Samjiyon near Mt. Paektu, state media reported on Tuesday. According to the state-run Korean Central News Agency, its leader Kim Jong-un attended an opening ceremony along with his daughter Ju-ae last Saturday, expressing "his unshakable will to turn ..... into an innovative and highly civilized city representing the tourism culture of the country." Ju-ae accompanied her father, following her public appearance the day before at a factory opening in Sinpo, South Hamgyong Province. North Korean media released several photos of her in a black coat touring the hotel. Kim's wife Ri Sol-ju also appeared to attend, though she was less frequently featured in these photos. They suggest that the hotels feature upscale rooms and amenities, including banquet halls, saunas, and an outdoor pool, in an apparent effort to highlight year-end achievements ahead of the country's key Workers' Party congress scheduled for early next year. Separate grand opening events for the remaining four hotels were also held last weekend. North Korea has been promoting tourism to earn hard currency amid international sanctions, focusing on developing Mt. Paektu areas along with its coastal tourist zones in Wonsan and Kalma in Kangwon Province. Lim Eul-chul, a professor at Kyungnam University's Institute for Far Eastern Studies, said, "North Korea seems to be promoting Kim's modernization drive, which now extends beyond the capital of Pyongyang to include more remote areas like Samjiyon." 2025-12-23 17:43:30

OPINION: Iteca Exhibitions marks 30 years of Uzbekistan's exhibition industry development SEOUL, December 23 (AJP) - The achievements of the anniversary season set an ambitious benchmark for the years ahead. In 2026, the calendar of exhibitions will expand to 22 exhibitions and 5 conferences, alongside new initiatives designed to support the domestic manufacturers, promote investment and further strengthen the key sectors of the national economy Since its establishment in 1995, Iteca Exhibitions has played a pioneering role in shaping a modern exhibition industry of the independent Uzbekistan - the industry built around international participation and aligned with the global standards. Over the past three decades, the company has introduced practices and benchmarks that mirror those of the world's leading organisers, thus securing Iteca Exhibitions a position of consistent and unquestioned leadership within the national exhibition sector. The company's journey began with its inaugural events — Tashkent International Healthcare Exibition - TIHE in 1995, and Oil & Gas Uzbekistan - OGU in 1997. Over the years, these exhibitions have grown into the landmark gatherings for the entire Central Asian region. Today, Iteca Exhibitions' portfolio features 20 events, each a flagship within its field and a trendsetter shaping the future of respective economic sectors. These events enhance Uzbekistan's presence on the global exhibition map, strengthen the country's image as a reliable business partner, and showcase the rapid momentum of its economic development. Their influence now reaches well beyond the national borders — reflected in both the scale and calibre of participating companies, as well as the consistent interest from the international and local audiences alike. UzBuild, UzFood, CAITME, TIHE, OGU and TextileExpo Uzbekistan have earned the status of national brands and enjoy strong recognition far outside the country. The exhibition industry has long been a barometer of progressive change in the country, reflecting both the professional maturity and business community's readiness to advance. Today, the market is evolving at pace: new organisers and venues are entering the field, while contemporary event formats are redefining expectations and setting higher standards for the industry as a whole. At the heart of Iteca Exhibitions' mission lies a steadfast commitment to supporting the country's economic development - a principle encapsulated in the company's slogan: "Iteca Exhibitions is proud to contribute to the growth of Uzbekistan's economy!" Over the years, the company's expertly organised exhibitions and conferences have driven positive momentum across a wide range of sectors - from security and electronics to construction, energy, and both light and heavy industries. Each event serves as a dynamic platform for knowledge exchange, building partnerships, and advancement of innovative solutions. Participant surveys show that, for many exhibiting companies Iteca Exhibitions has become a vital gateway to the Uzbek market. These events provide the direct access to buyers, distributors, professional associations and government institutions, enabling businesses to build genuine commercial relationships, sign contracts and explore future project opportunities. In 2025, Iteca Exhibitions has marked its 30th anniversary season with an exceptional programme featuring 20 international exhibitions, four major forums and 36 specialised seminars. The events welcomed 4,311 companies and brands, 251 speakers and moderators, and 3,957 delegates representing 55 countries. With a remarkable 101,160 visitors from 75 countries, the season underscored the truly international scale and enduring significance of Iteca Exhibitions' events Throughout the 2025 exhibition season, the industry professionals had their opportunity to explore the cutting-edge innovations spanning a broad spectrum of the sectors. Alongside many global leaders and renowned international brands, a strong representation of domestic manufacturers highlighted the achievements of Uzbekistan's industrial enterprises and contributed to strengthening their export capacity. A defining milestone of the 2025 season was the organisation of the exhibitions at two major venues, bringing fresh dynamism to the industry calendar and reflecting not only the scale of the events but also the growing intensity of business activity. Across these platforms, thousands of negotiations, meetings, partnerships, agreements, contracts and new project launches took place, alongside targeted sessions with suppliers and buyers — collectively generating a transaction volume of more than USD 1 billion. The exhibitors benefited from dedicated networking and business spaces, which enhanced the effectiveness of their participation and helped foster a high level of commercial trust. Since 2007, Iteca Exhibitions has been a full member of the Global Association of the Exhibition Industry (UFI) - the first company in Uzbekistan to receive this distinction. The international exhibitions UzBuild, OGU / Power Uzbekistan and TIHE / Beauty Uzbekistan have once again retained their UFI-approved status, reaffirming their effectiveness and significant contribution to the economic development of the host nation. The achievements of the anniversary season set an ambitious benchmark for the years ahead. In 2026, the calendar of exhibitions will expand to 22 exhibitions and 5 conferences, alongside new initiatives designed to support the domestic manufacturers, promote investment and further strengthen the key sectors of the national economy. Since its inception, Iteca Exhibitions has served as a trusted and prominent partner for businesses, government institutions and the professional community. Its consistently high organisational standards, strong participant confidence and proven event effectiveness have secured the company's position as a leader in the industry. More than simply presenting achievements, Iteca Exhibitions' events actively support the nation's economic progress, providing a platform for sustainable growth and helping to develop the skilled workforce essential to the vision of New Uzbekistan. As it concludes its 30th anniversary season, Iteca Exhibitions extends its sincere gratitude to the ministries, government agencies, industry associations, partners, exhibitors, visitors and mass media for their active engagement and continued support. Their contribution enables the company to advance a robust business infrastructure that plays a vital role in the ongoing modernisation of Uzbekistan's economy. 2025-12-23 17:37:22

Santa buses return to Busan streets SEOUL, December 23 (AJP) - Santa-themed buses, once a beloved winter tradition in Busan but suspended due to fire and safety concerns, are making a comeback. The Busan Bus Transport Business Association announced Sunday that 10 Santa buses will operate from December 22 through mid-January 2026, reviving the popular seasonal service that had captured citizens' hearts. 2025-12-23 17:20:56

President returns to Blue House SEOUL, December 23 (AJP) - The era of the Yongsan presidential office has come to an end after just 3 years and 7 months, with the president returning to the Blue House. President Lee Jae Myung is expected to begin official work at the presidential office around December 28. However, the presidential residence will not be ready until early next year due to ongoing construction work. 2025-12-23 17:20:01

Romanian envoy named chief negotiator for nuclear talks with Washington SEOUL, December 23 (AJP) - South Korea's ambassador to Romania Rim Kap-soo has been named as the country's chief negotiator for nuclear energy-related talks with the U.S. The Ministry of Foreign Affairs said on Tuesday that Rim, appointed the previous day, will lead a task force to revise a decades-old agreement with Washington that bans South Korea from reprocessing spent nuclear fuel and enriching uranium. Rim, who worked at the International Atomic Energy Agency in 2016, is considered an expert in the fields of nuclear energy and nonproliferation. After completing his commitments in Romania, he will return to Seoul in early January to assume his new role. 2025-12-23 16:53:16

Infielder Song Sung-mun signs deal with San Diego Padres SEOUL, December 23 (AJP) - Infielder Song Sung-mun will play in Major League Baseball after signing a deal with the San Diego Padres. In a post on X, formerly Twitter on Monday, the Padres said Monday they signed the 29-year-old to a "four-year contract through the 2029 season." Details of the deal have not been disclosed, but it is reportedly worth $15 million, including a $1 million signing bonus in two installments along with a gradual increase in salaries. Raising doubts about Song's immediate position at the club, MLB.com said, "likeliest role will be as a utility player coming off the bench -- leaving the Padres still in search of a starting first baseman." After spending many years in obscurity since his professional debut with the Kiwoom Heroes in 2015, the late bloomer has only emerged in the spotlight in recent years. 2025-12-23 16:20:03