COVID-19 Holiday Scenes... Sending Money Instead of Going Home for Chuseok
Shinhan Bank Publishes 'Chuseok Edition Subtle Financial Life' Trend Report
[Asia Economy Reporter Kwangho Lee] Due to the impact of COVID-19, account transfers have significantly increased during Chuseok instead of cash withdrawals. This is attributed to travel restrictions, leading more people to send money rather than visit in person during the holiday.
On the 13th, Shinhan Bank released its first trend report using big data, titled 'Chuseok Edition Nunchi-Kochi Financial Life,' which found that consumption in local regions has decreased significantly since COVID-19. By age group, those in their 40s shifted the most from cash withdrawals to transfers, and by gender, transfers increased among men who previously withdrew more cash.
Cash withdrawals and transfers usually begin on the Monday of the week when the Chuseok holiday starts, peaking the day before the holiday. This year, with the holiday starting on a Monday, activity began on Thursday and is expected to peak on Friday.
Additionally, due to difficulties visiting hometowns caused by COVID-19, many people have been sending allowance money to their parents. Among them, men in their 40s have increased the rate of transferring money to their own parents rather than their spouse’s parents.
This Nunchi-Kochi Financial Life trend report project analyzes various Shinhan Bank data such as withdrawals and transfers using big data methods to understand economic and financial activity trends and share interesting social changes within them.
Shinhan Bank plans to continue publishing trend reports on engaging topics in the future.
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