spending Archives | Be Korea-savvy
Consumer Sentiment Snaps 3-month Rise in March amid Rising Prices, Slumping Spending

Consumer Sentiment Snaps 3-month Rise in March amid Rising Prices, Slumping Spending

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 [...]

In an Era of Soaring Prices, Consumers Tighten Belts and Adapt Spending Habits

In an Era of Soaring Prices, Consumers Tighten Belts and Adapt Spending Habits

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 [...]

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 [...]