Monthly Household Spending Slips 0.8% Last Year

Write : 2019-04-25 17:18:05 Update : 2019-04-25 17:20:29

Monthly Household Spending Slips 0.8% Last Year

Household income as well as spending decreased last year. 

According to a new household expenditure survey released Thursday by Statistics Korea, monthly household spending fell zero-point-eight percent on-year to an average two-point-five million won in 2018.

The sluggish job market and reduced family size are blamed for the drop in household income.

Among the 12 expenditure categories, entertainment and culture posted the steepest gain at nine-point-eight percent. Continued demand for overseas travels is believed to be one reason for the growth in this category. 

Meanwhile, spending in education and transportation fell by eight and five-point-five percent, respectively.

A Statistics Korea official said fewer families with children and government support for public education are the reasons behind decreased spending in education.

[Photo : Getty Images Bank]

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