Due to COVID-19, Single-Person Household Spending Decreases Further... Q1 Down 163,000 KRW Year-on-Year

[Sejong=Asia Economy Reporter Kim Hyunjung] Due to the impact of the novel coronavirus infection (COVID-19), single-person households have been found to reduce their consumption expenditure more than households with two or more members.

On the 24th, Son Kyung-guk, an official from the Household Income and Expenditure Trends Division of Statistics Korea, and Min Byung-chul, a senior official, announced the 'Changes in Consumption Behavior of Single-Person Households Before and After COVID-19' in the 'KOSTAT Statistics Plus Winter Issue.'

According to the related analysis, the average monthly consumption expenditure of single-person households in the first quarter of this year was 1,294,000 won, a decrease of 163,000 won (11.2%) compared to the same period last year. The decrease was more than twice the reduction in consumption expenditure of households with two or more members (5.2%). During the same period, the expenditure of households with two or more members was 2,837,000 won, down 156,000 won from the previous year.

Single-person households tightened their belts in transportation costs (-37.7%), education expenses (-43.3%), food and lodging (-19,000 won), clothing and footwear (-24.6%), excluding housing, water, and utilities (1.9%) and communication (0.05%). Expenditure on medical consumables such as health masks increased significantly by 281.5%. Households with two or more members increased spending on food and non-alcoholic beverages (10.2%), health (11.0%), and transportation (7.1%), unlike single-person households, and also increased expenditure on medical consumables (134.9%).

In the second quarter, consumption expenditure of single-person households was 1,292,000 won, a decrease of 5.7% (78,000 won), showing a smaller decline compared to the previous quarter. By category, food and non-alcoholic beverages (10.2%) and food and lodging (4.5%) increased in the second quarter. This is believed to be due to the partial resumption of economic and social activities as the spread of COVID-19 slowed due to social distancing measures, and the consumption stimulus from the emergency disaster relief funds. Consumption expenditure of households with two or more members turned to an increase in the second quarter, rising 2.9% (79,000 won) from the previous year to 2,846,000 won.

This content was produced with the assistance of AI translation services.