According to my understanding, yes...there will be little more memory consumed by program in second case, because you are creating one additional object of class Person. But that is fine to make program object oriented.
Of course the Person version has more overhead. Think about it, you create an object of type Person and String objects, as opposed to only String objects. But the difference in memory footprint and performance is miniscule and above all the whole concept of OOP is making your architecture object oriented.
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subject: Question of memory consumption for variable