spending Archives | Be Korea-savvy
Economic Pressures Shape Divergent Spending Patterns Among South Korean Consumers

Economic Pressures Shape Divergent Spending Patterns Among South Korean Consumers

SEOUL, Dec. 28 (Korea Bizwire) – In the face of persistent high inflation and interest rates, South Korean consumers have been navigating the economic landscape with markedly polarized spending habits. This trend, underscored by recent studies from Lotte Home Shopping and WiseApp, reveals a complex interplay of ‘value-seeking consumption’ and ‘revenge spending’, shaping the country’s retail [...]

Spending Habits of Single-Person Households: Renting, Food Choices, and Gender Differences

Spending Habits of Single-Person Households: Renting, Food Choices, and Gender Differences

SEOUL, Sept. 27 (Korea Bizwire) – Four out of every 10 South Koreans who live alone rent their homes and spend an average of 300,000 won per month on rent. These individuals prefer ordering food for delivery and eating ready-to-eat meals that require little preparation. According to a report titled “How Single-Person Households Spend Money Based [...]

Generation MZ is Frugal, but Splurges on Self Development

Generation MZ is Frugal, but Splurges on Self Development

SEOUL, May 19 (Korea Bizwire) — “Generation MZ,” a Korean term referring to those aged between late 10s and 30s, is a group of frugal individuals who frequently utilize convenience stores but when it comes to health and self-development, they don’t hesitate to splurge, a credit card company said Thursday. Shinhan Card Co. analyzed the [...]

S. Korea to Allow Online Permit-free Entry for Tourists from 22 Nations to Spur Spending

S. Korea to Allow Online Permit-free Entry for Tourists from 22 Nations to Spur Spending

SEOUL, March 29 (Korea Bizwire) — South Korea will temporarily exempt people from 22 visa-waiver nations, including the United States, Japan and Taiwan, from mandatory online travel permits and transit visa requirements as part of efforts to attract more foreign tourists and boost domestic demand, the finance ministry said Wednesday. These are a set of [...]

Consumers Cut Spending amid High Interest Rates and High Inflation

Consumers Cut Spending amid High Interest Rates and High Inflation

SEOUL, March 15 (Korea Bizwire) — Impacted by high interest rates, high inflation and a stagnant job market, South Korea’s consumption has been on a downward trend since the autumn of 2022. According to data from Statistics Korea, the nation’s seasonally adjusted retail sales index stood at 103.9 in January, down 5.03 percentage points compared [...]

Low-income Tier Spends Half of Disposable Income on Food amid Soaring Consumer Prices

Low-income Tier Spends Half of Disposable Income on Food amid Soaring Consumer Prices

SEOUL, Nov. 22 (Korea Bizwire) — The lower income tier spent more than half of its disposable income on food in the third quarter of this year, with consumers directly exposed to surging prices, the statistics agency said Monday. Statistics Korea’s Household Income and Expenditure Survey showed that households located in the lower 20 percent [...]