"Life Is So Hard to Make Ends Meet" Tough Livelihood... Half Hope, Half Sigh for Lottery

"Really So Hard... Buying Lotto in Desperate Feelings"
Lottery Sales Increased by 13% in the First Year of COVID-19 Spread... Recorded Sales Approaching 6 Trillion Won

An elderly person visiting a Lotto sales store is carefully coloring the number blanks with earnest hope. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Han Seung-gon] "I really hope I win this year." "Ah... it's really so tough."

Due to the impact of COVID-19 and rising prices, household finances have become tight, leading to an increase in lottery sales. Unlike in the past when people bought Lotto tickets hoping for a sudden fortune, it now seems that the reason for purchasing lotteries is the hardships and worries of ordinary people who want to improve their difficult household situations even just a little.

According to the Ministry of Economy and Finance's Lottery Commission on the 18th, last year's lottery sales amounted to a provisional total of 5.9755 trillion won, a 10.3% increase compared to the previous year (5.4152 trillion won). Lottery sales had maintained the 4 trillion won range, with 4.1538 trillion won in 2017, 4.3848 trillion won in 2018, and 4.7933 trillion won in 2019.

Then, in the first year of the COVID-19 outbreak in 2020, sales increased by 13% to the 5.4 trillion won range, and last year also showed double-digit growth, recording sales close to 6 trillion won. By type, online lotteries such as Lotto accounted for an absolute share with 5.1371 trillion won, an 8.4% increase from the previous year. Other lotteries also showed high growth rates: printed lotteries (19.8%), pension lotteries (29.2%), and electronic lotteries (25.6%).

Citizens unanimously express hope for winning the lottery. Kim, a company employee in his 30s, said, "Isn't everyone having a hard time because of COVID-19?" He added, "In the past, I bought Lotto with the expectation of 'a week's happiness,' but now I buy it with a sincere hope to win." He continued, "If I win the Lotto, I want to first settle various debts and enjoy dining out with my family without worries."

A lottery ticket store in Seoul. [Image source=Yonhap News]

Park, a self-employed person in his 40s, said, "Life is hard, so I research and sell various items, but sales are not good," adding, "I used to buy Lotto every week." He added, "I don't think the days of hitting the jackpot with Lotto are over; I just buy it as a way to prepare for old age."

Another office worker in his 50s, Choi, said, "It's been quite a while since COVID started," and added, "I hope this year will be better than last year." He also said, "I buy Lotto every week," and "I think not only me but many people have been buying more Lotto since COVID broke out."

As household finances become difficult due to factors such as rising prices, more citizens are preparing for old age through Lotto purchases rather than seeking a 'life turnaround.' The pension lottery, which significantly increased the first prize from 5 million won per month (paid over 20 years) to 7 million won per month last year, grew by 29.2%, approaching 300 billion won (291.1 billion won). This is interpreted as contributing to the income stability of winners in old age due to its pension-type payment structure.

Meanwhile, the cost of living directly linked to ordinary people's wallets continues to rise. According to the Korea Trade Statistics Promotion Institute on the 31st of last month, the import price index for livestock and aquatic products rose by more than 30% compared to the previous year.

In December last year, the import price index for agricultural, livestock, and aquatic products was 109.9 (2015=100), up 33.5% from a year earlier and 7.9% from the previous month. The import price index for agricultural, livestock, and aquatic products rose 25.6% and 27.1% year-on-year in October and November last year, respectively. The increase was even greater last month.

By category, prices rose for vegetables and fruits such as onions (58.1%), garlic (39.5%), milling wheat (54.5%), grapes (28.3%), bananas (8.5%), and shelled almonds (34.5%), as well as grains and nuts. The import price index for livestock products also rose 38.9% year-on-year, with refrigerated beef (50.8%), frozen beef (44.9%), pork (21.9%), and chicken (32.8%) all increasing.

Meanwhile, most of the proceeds from lottery sales are used to support vulnerable groups, such as housing stability for low-income families and scholarship projects. According to the Lottery Act, 35% of lottery proceeds are first allocated to the original purpose projects of existing lottery issuing institutions. The remainder is supported for public interest projects after resolution by the Lottery Commission. Last year, a total of 2.6311 trillion won, including lottery proceeds and surplus funds, was supported.

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