spending Archives | Be Korea-savvy
S. Korea’s Chipmaking Equipment Spending Likely to be 3rd Largest This Year

S. Korea’s Chipmaking Equipment Spending Likely to be 3rd Largest This Year

SEOUL, July 22 (Korea Bizwire) — South Korea’s spending on chipmaking equipment is likely to be the third largest of any country this year, industry data showed Wednesday, amid solid global chip demand sparked by the pandemic-driven stay-at-home economy. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., is [...]

‘Hallyu’ Tourists Spent US$1,007 on Average in 2019, BTS Most Favored

‘Hallyu’ Tourists Spent US$1,007 on Average in 2019, BTS Most Favored

SEOUL, July 16 (Korea Bizwire) — Foreigners who traveled to South Korea last year to consume K-pop goods and content were estimated to have spent US$1,007 on average, according to a report Thursday. In its latest tourism industry analysis report, the state-run Korea Tourism Organization (KTO) estimated that some 1.11 million foreigners came to South [...]

Many Parents Considering Spending Virus Relief Funds on Children’s Private Education

Many Parents Considering Spending Virus Relief Funds on Children’s Private Education

SEOUL, May 13 (Korea Bizwire) — Many South Korean families could use their emergency coronavirus relief funds on private education costs due to the rather broad spending restrictions, online comments and opinions suggested Wednesday. Earlier in the day, the government began offering emergency funds in the forms of credit or debit card points — 1 [...]

Credit Card Spending Drops at Record Rate in March amid Virus Woes

Credit Card Spending Drops at Record Rate in March amid Virus Woes

SEOUL, April 28 (Korea Bizwire) — South Korea’s credit card spending fell at the fastest rate ever last month, data showed Tuesday, amid the spread of the new coronavirus that continued to keep people away from unnecessary contact. In March, the amount of purchases using credit and debit cards dropped 4.3 percent from the same [...]

Students’ Private Education Spending Surges to 10-year High in 2019

Students’ Private Education Spending Surges to 10-year High in 2019

SEOUL, March 10 (Korea Bizwire) — Young South Korean students’ spending on private education spiked to a 10-year high in 2019, data from the Ministry of Education and Statistics Korea showed Tuesday, reflecting undiminished parental enthusiasm for their children’s academic achievements. Elementary, middle and high school students spent 20.99 trillion won (US$17.6 billion) on private [...]

Middle-aged S. Koreans Tighten Purse Strings over Fears of Unstable ‘Silver’ Years

Middle-aged S. Koreans Tighten Purse Strings over Fears of Unstable ‘Silver’ Years

SEOUL, Feb. 25 (Korea Bizwire) — A recent study has found that South Koreans in their 50s and older have cut spending due to anxiety over their income in their retirement years, contributing to the overall decline in the country’s propensity to consume. In a report released Monday, the Bank of Korea (BOK) analyzed the [...]

Less Spending on Food, More Spending on Health and Medical Care

Less Spending on Food, More Spending on Health and Medical Care

SEOUL, Nov. 19 (Korea Bizwire) — With a historically low birth rate and rapidly aging society, a surge in single-person households has meant that household grocery expenditures have been slashed almost by half in South Korea. According to a recent report from the Hana Institute of Finance affiliated with KEB Hana Bank that analyzed public [...]