SEOUL, Jul. 4 (Korea Bizwire) — Combined investment made by the South Korean aviation industry to ensure safe air travel rose 38 percent on-year in 2023 to reach over 5.8 trillion won (US$4.18 billion), government data showed Thursday. According to the Ministry of Land, Infrastructure and Transport, the combined spending on air travel safety by [...]
SEOUL, Mar. 26 (Korea Bizwire) — South Korea’s consumer sentiment snapped an improvement for the third consecutive month in March amid soaring prices of farm goods and a slump in private spending, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 100.7 this month, down from 101.9 the previous month, according [...]
SEOUL, Mar. 14 (Korea Bizwire) — Spending on private education for South Korean students reached an all-time high in 2023 despite the fall in the student population, data showed Thursday. Total expenses on private after-school classes for primary, middle and high school students stood at 27.1 trillion won (US$20.6 billion) last year, reaching a record [...]
SEOUL, Mar. 12 (Korea Bizwire) – Two years into the era of high inflation, elusive price increases led by fruits and vegetables such as apples, pears, and green onions continue to burden consumers. Following the hike in gasoline and the cost of eating out in previous years, the soaring prices of everyday food items have become [...]
SEOUL, Jan. 23 (Korea Bizwire) — The aggregate spending of South Koreans in Japan skyrocketed to a staggering 13 trillion won last year, as travel to Japan surged in popularity. This trend is attributed to the easing of COVID-19 pandemic restrictions and a weak Japanese yen, which has reduced the cost of spending in Japan. Travel [...]
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 [...]
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 [...]
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 [...]
SEOUL, April 26 (Korea Bizwire) — South Korea’s rate hike measures have weighed heavily on people’s spending, particularly impacting those in their 20s and 30s who have debt, a state-run think tank said Wednesday. A 1 percentage-point hike in the key rate led to a decrease of 132,000 won (US$98.7) in annual spending of South [...]
SEOUL, April 18 (Korea Bizwire) — South Koreans are spending more on pets every year, data showed Monday. According to Shinhan Card Co., a major credit card company, card spending per capita among its customers at animal hospitals, animal cafes, and animal salons amounted to 353,000 won (US$267) last year. The amount was higher than [...]