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public class StringOptimization {
    public static void main(String[] args){
        String variables[] = new String[50000];      
        for( int i=0;i <50000;i++){
            variables[i] = "s"+i;
        }
        long startTime0 = System.currentTimeMillis();
        for(int i=0;i<50000;i++){
            variables[i] = "hello";
        }
        long endTime0 = System.currentTimeMillis();
        System.out.println("Directly using string: " + (endTime0 - startTime0) + " ms");
        long startTime1 = System.currentTimeMillis();
            for(int i=0;i<50000;i++){
            variables[i] = new String("hello");
        }
        long endTime1 = System.currentTimeMillis();
        System.out.println("Using new keyword: " + (endTime1 - startTime1) + " ms");
        long startTime2 = System.currentTimeMillis();
        for(int i=0;i<50000;i++){
            variables[i] = new String("hello");
            variables[i] = variables[i].intern();          
        }
        long endTime2 = System.currentTimeMillis();
        System.out.println("Using intern() method of string object: " 
        + (endTime2 - startTime2)
        + " ms");
    }
}

Directly using string: 3 ms
Using new keyword: 5 ms
Using intern() method of string object: 10 ms