Soaring Lunar New Year Prices Leave Office Workers' Wallets 'Even Thinner'

Yujin Group Conducts Lunar New Year Survey with 1,175 Employees
Average Expected Lunar New Year Expenses Increase 12.4% to 771,000 Won Compared to Last Year

Infographic of Yujin Group's Lunar New Year Holiday Survey.
[Infographic=Yujin Group]

[Asia Economy Reporter Kim Jong-hwa] This year's Lunar New Year holiday is expected to tighten the wallets of office workers even more. The average expected expense for this year's Lunar New Year holiday is 771,000 KRW, which is about 12.4% higher than last year's 686,000 KRW.

Yujin Group recently conducted a survey on Lunar New Year plans targeting 1,175 employees from its affiliates including Yujin Enterprise, Yujin Investment & Securities, Dongyang, Yujin Home Center, Yujin Logistics, and Yujin Hanil Fibers.

The average expected expense for this year's Lunar New Year holiday is 771,000 KRW, an increase of about 12.4% compared to last year (686,000 KRW). Respondents in their 20s said they would spend an average of 473,000 KRW, those in their 30s 716,000 KRW, those in their 40s 844,000 KRW, and those aged 50 and above 863,000 KRW.

In particular, the expected spending amounts for those in their 30s and 40s last year (621,000 KRW and 779,000 KRW) increased by 15.3% and 8.3% respectively this year, contributing to the rise in the overall average. This is interpreted as a result of the sharp increase in Lunar New Year prices compared to last year and the increase in homecoming plans among the 30s and 40s age groups.

The most burdensome expense item during the holiday was 'Parents' pocket money (41.0%)', followed by 'Pocket money for children and nephews/nieces such as New Year's money (17.1%)' and 'Holiday gift expenses (14.4%)'.

Regarding the schedule for returning home for the Lunar New Year, the largest number of respondents (20.4%) said they would depart on Saturday, January 29, followed by Monday, January 31 (16.6%), and the holiday itself, Tuesday, February 1 (16.0%). For the return schedule, Tuesday afternoon, February 1, had the highest response rate at 32.1%, followed by Wednesday morning, February 2 (13.6%), Tuesday morning, February 1 (9.1%), and Wednesday afternoon, February 2 (8.9%). It is expected that traffic congestion will occur from the morning of February 1 through the afternoon of February 2 on the return journey.

In the survey related to means of transportation, about nine out of ten respondents (87.1%) said they would use personal vehicles during the holiday travel to minimize contact due to the increase in COVID-19 cases. Public transportation (bus, train) accounted for 10.2%, and air and passenger ships accounted for 1.7%.

Meanwhile, for spending the holiday at home, the responses were 'Hobbies I couldn't do because I was busy (32.8%)', 'Resting without doing anything (32.0%)', 'Walking near the residence (15.2%)', 'Self-development (12.5%)', 'Hotel staycation in urban areas (5.5%)', and 'Others (2.0%)' in that order.

A Yujin Group official said, "We conduct an annual internal survey to understand how employees working in various fields spend the holidays," adding, "We provide various support measures, including encouraging the use of annual leave before and after the Lunar New Year holiday, so that employees can spend the holiday safely and enjoyably."

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