SEOUL, Mar. 12 (Korea Bizwire) — South Korean people tend to spend less in restaurants and hotels during traditional holiday seasons, such as the Lunar New Year and Chuseok, a report said Tuesday.
According to the monthly report by the Bank of Korea (BOK), credit card purchases at local food and accommodation service businesses fall an average 9.8 percent on-month during months that have the Lunar New Year’s Day holiday. The numbers are based on comparable data from 2013 to 2018.
Lunar New Year’s Day falls either in January or February based on the lunar calendar.
In Chuseok, which comes in September or October, people spend an average 7.3 percent less in restaurants and hotels than the previous month.
On the other hand, purchases of food and beverages rose 1.4 percent and 4.3 percent on-month over the holiday periods, respectively.
“During the holidays, people have dinner at home with their family and relatives, instead of going out,” a BOK official said.