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

Monthly Spending on Private Education Up 33 Pct in 2017 from 10 Years Ago

Monthly Spending on Private Education Up 33 Pct in 2017 from 10 Years Ago

SEOUL, Mar. 19 (Korea Bizwire) — Monthly spending on private education rose 33 percent last year compared with 10 years earlier, a survey showed Saturday, pointing to South Koreans’ zeal for education. Households spent a monthly average of 384,000 won (US$359.38) per child on private tutoring in 2017, up from 288,000 won in 2007, according [...]

Consumer Spending Suffers Serious Slump

Consumer Spending Suffers Serious Slump

SEOUL, Dec. 19 (Korea Bizwire) – South Korea’s consumer spending sank to a “seriously” low level in the third quarter of the year, government data showed Monday, as most households tightened their purse strings amid slowing economic growth.  Slumping household consumption is widely feared to come as a further drag on Asia’s fourth-largest economy struggling [...]

Gov’t Proposes 2017 Budget in Excess of Record 400 Trillion Won

Gov’t Proposes 2017 Budget in Excess of Record 400 Trillion Won

SEJONG, Aug. 30 (Korea Bizwire) – The South Korean government aims for a 3.7 percent increase in its spending next year to push the annual budget above the 400 trillion won (US$358 billion) mark for the first time, with steep rises planned for youth job creation, expansion of custom-made welfare benefits and stabilization of public [...]

Card-based Spending Jumped 8.8 Pct in 2015

Card-based Spending Jumped 8.8 Pct in 2015

SEOUL, March 29 (Korea Bizwire) – South Korean credit and debit card spending jumped 8.8 percent last year from a year earlier as consumers increasingly favor using cards both for small-sized daily settlements and big tax payments, government data showed Tuesday. The card-based expenditure reached 667.1 trillion won (US$572 million) in 2015, up from 613.2 [...]