Card spending in Korea continued to slip in January as households tightened their purse strings amid an economic slowdown, industry data showed Tuesday.
Korean incomes rose in the fourth quarter of 2024, but spending lagged due to inflation and economic sentiment.
Retail sales in the first 11 months of last year fell 2.1 percent on year as Koreans cut back on spending on all types of goods.
The normally festive and jovial new year's season typically accompanied by a boost in spending has taken a hit on political turmoil, a hobbled economy and now a national tragedy.
All regions in Korea posted a double-digit fall in credit card spending three days after President Yoon Suk Yeol's martial law debacle.
Households in Korea are expected to reduce their spending by an average of 1.6 percent in 2025 from this year, a poll showed Thursday
Korea can never make globally-accredited achievements if it keeps scientists and inventors in the frame of management, not encouragement.
The total card approval amount stood at 290.9 trillion won ($211 billion) in the January-March period on improving consumer sentiment and a rise in online shopping, according to data by the Credit Finance Association of Korea on Tuesday.
Parents in their 30s are spending exponentially on private cram schools and other education services, according to the BC Institute of Innovative Finance.
Retail sale volume of food products in Korea shrank for the second year in a row in 2023, down 2.6 percent on year, according to Statistics Korea, Bank of Korea and Small Enterprise And Market Service.
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