On January 7, as department stores nationwide began the full-scale sale of Lunar New Year gift sets, fruit gift sets are displayed at a department store in Seoul. (Image courtesy of Yonhap)
SEOUL, Jan. 10 (Korea Bizwire) — Seoul residents aged 50 and above have significantly increased their spending over the past five years, while consumption among those in their 40s has remained flat or declined in many sectors, according to a recent study.
According to a research report released on January 9 by the Seoul 50 Plus Foundation, analyzing credit card spending data between 2019 and 2024, consumption among Seoul’s middle-aged population showed striking generational differences.
Those in their 50s and early 60s demonstrated remarkable spending growth, with increases of 51% for ages 50-54, 57.5% for 55-59, and 63.1% for 60-64. These figures were second only to the 30-34 age group, which saw a 64.2% increase.
Transaction volumes also rose significantly among older consumers, with increases of 49.2% for ages 50-54, 62.3% for 55-59, and 65.4% for 60-64, showing higher growth rates as age increased.
The over-50 demographic showed particularly strong growth in online spending, with consumption increasing by 119.2% for those aged 50-54 and 141.7% for those aged 60-64. The report indicates this trend reflects seniors’ growing influence in the digital marketplace.
In contrast, consumers in their 40s showed stagnant or declining spending across most sectors, suggesting economic pressures and changing household structures may be affecting their consumption patterns. Their spending in retail, food, leisure, and education sectors either decreased or showed slower growth compared to other age groups.
Educational spending patterns revealed interesting demographic shifts, with those in their 50s showing significantly higher growth in spending on tutoring and educational institutes compared to both those in their 40s and early 60s, potentially reflecting the trend toward later parenthood. Early 60s consumers showed notably increased spending on cultural centers, including welfare centers and continuing education institutions.
“As middle-aged individuals transform into active consumers, it’s crucial to ensure their income remains stable to support this increased household spending,” said Ha Jae-young, the lead researcher of the policy research team.
The foundation plans to develop targeted policies reflecting age-specific consumption patterns and implement income stabilization measures based on the study’s findings.
“We will fulfill our policy responsibilities to help the middle-aged population maintain their expected income levels and maximize their economic potential,” said Kang Myung, CEO of the Seoul 50 Plus Foundation.
Ashley Song (ashley@koreabizwire.com)
