SEOUL, Feb. 20 (Korea Bizwire) — South Koreans traveling overseas spent a record amount last year, but spending per person declined, central bank data showed Wednesday. The current account for last year showed travel expenditures of US$31.97 billion, the highest since recordkeeping began in 2006. Past figures show increases from $15 billion in 2009 to [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, March 2 (Korea Bizwire) - Chinese tourists in South Korea spent more in the country following the introduction of an on-the-spot tax refund system, local data showed Tuesday. Since February, South Korean department stores offered instant tax refunds to foreign tourists who buy products at local duty-free shops, in line with its efforts to revitalize the tourism industry hurt by [...]
SEOUL, Feb.17 (Korea Bizwire) – Even as the economy is suffering, Koreans seem to be ready to open their wallets for their children. Due to the ‘eight-pocket’ phenomenon, which refers to eight people – parents (2), grandparents (4), uncle and aunt – spending money on one child, products and services related to children are showing [...]
SEOUL, Nov. 26 (Korea Bizwire) – South Korea’s No. 1 mobile carrier SK Telecom Co. has reduced its spending on advertisements through September this year, data showed Thursday, in line with its efforts to recoup losses from a government-led policy aimed at lowering cell phone users’ bills. The mobile carrier spent 132.2 billion won (US$116 [...]