SEOUL, Aug. 5 (Korea Bizwire) — The coronavirus pandemic has led to increasing online consumption among South Koreans in their 50s and 60, including the use of delivery apps and subscriptions to video streaming platforms.
Hana Institute of Finance, a research unit of Hana Financial Group Inc., released an analysis report of online transaction data for Hana credit and debit cards in 2019 and 2020 on Wednesday.
The report categorized those making online card purchases into two age groups – those in their 30s or younger and those in their 40s or older – and revealed that card transactions among those in the younger age group rose by 24 percent between 2019 and 2020.
In contrast, card transactions among those in their 40s and older jumped by 49 percent.
The rate of increase in transactions among South Koreans above the age of 40 was 1.8 times higher than for the younger group on Coupang, Gmarket, 11st, Auction and other online shopping portals, indicating the expansion of online consumption throughout the older generation.
Online transactions via delivery apps among those in their 50s and 60s jumped by 163 percent and 142 percent, respectively, between 2019 and 2020.
Online transactions on video streaming platforms among 50- and 60-somethings rose by 181 percent and 166 percent.
Online consumption on home interior design among those in their 50s and 60s jumped by 80 percent and 40 percent, indicating the rise of the older generation as the new consumption power.
“Senior South Koreans are beginning to actively engage in online consumption following the coronavirus outbreak. The increasing number of transactions, rather than the amount of transaction payments, shows that they are spending small cash to buy essential goods, use delivery apps, and subscribe to video streaming platforms,” the report said.
Ashley Song (firstname.lastname@example.org)