Articles from leading daily newspapers dealing with costumes analyzed here dating back to oughly one year before the I.M.F. system came into place in korea. The values and esthetic consciousness of that period were studied through fashion. The major conclusions of the study are as follows: 1. The values of exhibition conformity and extravagance were emphasized. 2. The beauty of play the beauty of the extraordinary and the beauty of splendour were expressed as the esthetic consciousness 3. Preference of young people toward expensive high-grade and foreign-made brands was excessive Adults have to guide the young not to overconsume. Development of a sounder culture of clothing is needed for the establishment of economic prosperity for the nation.