SEOUL, Dec. 18 (Korea Bizwire) — South Koreans plan to spend less on year-end and new year holiday gifts in the coming few weeks compared to the year before amid rising unemployment and unstable job security, a poll showed Monday.
The average South Korean plans to spend about 203,000 won (US$183) buying gifts toward the end of the year, down 58,000 won from 2016, according to the survey of 240 people done between Nov. 21-24 by market researcher DMC Media.
The survey attributed the fall to growing joblessness, decreasing job security and rising home prices that is affecting consumer confidence.
By gender, men have set aside 221,000 won for presents while women have earmarked 182,000 won.
Clothing was the most popular item at 53.3 percent, followed by footwear and accessories at 44.2 percent, cosmetics at 38.8 percent and cash and vouchers at 26.7 percent.
About 55.7 percent of men have expressed intentions to buy clothing while cosmetics was the most popular among women at 56 percent.
Younger people preferred clothing, cosmetics, cash and vouchers while the older generation liked information technology products and leisure items.
About 84.6 percent said they wanted to buy items through online shopping malls while 65.8 percent said they would purchase gifts at offline outlets.
“Men were more interested in advertisements focusing on product specifications and events while women preferred ads with information on discounts,” the latest survey said.