spending Archives | Be Korea-savvy
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 [...]

Short Trips to Vietnam and Japan Lead to Drop in Credit Card Spending on Overseas Trips

Short Trips to Vietnam and Japan Lead to Drop in Credit Card Spending on Overseas Trips

SEOUL, May 24 (Korea Bizwire) — Credit card spending by South Koreans in foreign countries declined in the first quarter of 2019, although the number of overseas travelers increased due to the winter vacation. The increase in foreign trips is attributed to an increase in the number of travelers who made short trips to Asian [...]

Air Pollution Triggers Drop in Spending, Increase in Use of Dry Cleaners

Air Pollution Triggers Drop in Spending, Increase in Use of Dry Cleaners

SEOUL, Apr. 18 (Korea Bizwire) — On days when there is a lot of news about fine dust, card payments at resorts and condominiums typically decrease by more than 30 percent, according to a recent study. Hana Institute of Finance, a research unit of Hana Financial Group Inc., published a report on Wednesday titled “Changes [...]

Slumping Economy Drives S. Koreans to Travel Overseas More Frequently

Slumping Economy Drives S. Koreans to Travel Overseas More Frequently

SEOUL, Dec. 17 (Korea Bizwire) — An increasing number of South Koreans are opening their wallets to purchase plane tickets to go overseas. In fact, South Koreans spent a record-breaking amount of money overseas last year, and the total is only expected to increase in the future. Overseas consumption is gaining importance as a subset [...]