[Report] "Stop Fighting and Revive the Economy" Who Will Solve the Harsh Livelihood, Lee or Yoon?

Presidential Election One Month Away... Lee and Yoon Still in a Neck-and-Neck Race Within Margin of Error
January Consumer Price Index Up 3.6% Year-on-Year
Impact of COVID-19, Household Economic Contraction, Urgent Need for Daily Life Recovery
Citizens Say "Hard to Make a Living," Expect "Lower Prices and Economic Revival"

Citizens watching news related to presidential candidates on a TV installed in the Seoul Station waiting room. Photo by Seunggon Han hsg@asiae.co.kr

[Asia Economy Reporter Han Seung-gon] "It's just an unappealing presidential election," "Please just control the prices," "It's really too hard to make a living."

Citizens met at Seoul Station's waiting room and nearby plaza did not express high expectations for this presidential election. A company employee in his 40s, Mr. Kim, whom we met on the 4th, bluntly said, "Life has been so hard due to COVID-19 that I don't really care who becomes president." He added, "I just want to elect someone who can revive the economy."

Although the 20th presidential election is just a month away on the 7th, citizens as voters showed little interest in the election amid the intertwined situations of household economic contraction due to the COVID-19 aftermath, rising prices, and what is called an 'unappealing presidential election.'

Public opinion polls show a similar trend. The candidates Lee Jae-myung of the Democratic Party and Yoon Seok-youl of the People Power Party have been repeatedly overtaking each other in recent polls. This has led to interpretations that supporters have not yet fully consolidated due to reasons such as the economic recession.

According to the 5th regular survey conducted by the Korea Society Opinion Institute (KSOI) commissioned by Herald Economy on the 2nd and 3rd, targeting 1,000 people nationwide aged 18 and over, the presidential candidate support rates were 45.7% for Yoon and 40.0% for Lee. The gap between the two candidates was 5.7 percentage points (p), within the margin of error (95% confidence level ±3.1%p).

On the other hand, a poll conducted by Hangil Research and Cookie News on the 2nd (1,012 adult men and women nationwide, 16.2% landline telephone interviews, 83.8% wireless ARS) showed Lee at 40.4% and Yoon at 38.5%, with Lee leading by 1.9%p, which is within the margin of error.

An inquiry notice for lease is posted at the entrance of a store located near Hongdae in Mapo-gu, Seoul. Photo by Heo Midam damdam@

◆ "It's hard to make a living, I hope the economy improves" - Tightened household finances... declining interest in the presidential election

In addition, the sharp rise in prices has made household finances tight, which is interpreted as a factor that reduces political interest. Mr. Park, a self-employed person in his mid-40s, said, "Usually, the presidential election is the biggest political event with lots of discussions about who to elect," but added, "Now everyone is struggling to make a living, so even if they want to pay attention, they can't."

A company employee in his 50s said, "Go to Myeongdong right now," adding, "There are more stores for rent than open shops." He then questioned, "This is exactly what needs to be solved. Isn't that what politics is about?"

Like the citizens' complaints, according to the 'January 2021 Consumer Price Trends' released by Statistics Korea on the 4th, the consumer price index in January this year was 104.69 (2020=100), a 3.6% increase compared to a year ago. This marks the fourth consecutive month of price increases in the 3% range, following 3.2% in October, 3.8% in November, and 3.7% in December last year.

By item, agricultural, livestock, and fishery products rose 6.3% compared to a year ago, leading the overall price increase. Strawberries rose 45.1%, pork 10.9%, while green onions fell 37.3%, and apples 16.1%.

Electricity and water charges rose 5.0% and 4.3% respectively, causing electricity, gas, and water prices to increase 2.9% compared to a year ago. Jeonse (key money deposit) and insurance service fees rose 2.9% and 13.4% respectively, pushing service prices up by 2.9%. Industrial products rose 4.2%. Diesel increased 16.5%, gasoline 12.8%, while washing machines fell 11.0%, and computers 3.5%.

Core inflation, excluding seasonal items such as agricultural products and petroleum, rose 3.0% compared to a year ago, marking the first 3% range increase in 10 years since 2012. The living cost index, which reflects perceived inflation, rose 4.1% compared to a year ago.

Lee Jae-myung, Democratic Party candidate (left) Yoon Seok-youl, People Power Party candidate (right) [Image source=Yonhap News]

◆ Presidential election one month away... 'Confused close race in the fog'

Meanwhile, a poll conducted after the first four-candidate TV debate for the 20th presidential election showed on the 6th that candidates Lee and Yoon are still in a neck-and-neck race within the margin of error. It is observed that the candidates are engaged in a fierce battle in what is essentially a foggy election landscape.

According to a poll conducted by NewSis commissioned to Realmeter on the 3rd and 4th, targeting 1,076 men and women aged 18 and over nationwide, 43.3% of respondents said they would vote for Yoon, and 41.8% for Lee when asked, "Which candidate among those running in this election would you vote for?"

The gap between the two candidates was 1.5 percentage points, within the margin of error (±3.0 percentage points). By region, Yoon led in Seoul with 47.5% compared to Lee's 37.8%. Conversely, in Gyeonggi and Incheon, Lee, a former governor of Gyeonggi Province, led with 45.1% over Yoon's 40.9%.

By region, Yoon led in Seoul with 47.5% compared to Lee's 37.8%. Conversely, in Gyeonggi and Incheon, Lee led with 45.1% over Yoon's 40.9%. In Daejeon, Chungcheong, and Sejong, Yoon had 44.7% and Lee 42.8%, showing a close race.

Yoon recorded 48.2% and 56.1% in Busan, Ulsan, Gyeongnam (PK) and Daegu, Gyeongbuk (TK) respectively, surpassing Lee's 36.5% and 23.2% in those regions. Conversely, in the Honam region of Gwangju, Jeonnam, and Jeonbuk, Lee recorded 65.6%, far ahead of Yoon's 18.1%.

This survey was conducted on the 3rd and 4th nationwide among 1,076 men and women aged 18 and over using a structured questionnaire via automated response system (ARS), combining landline (5%) and wireless (95%) random calls. The response rate was 7.4%, and the sampling error was ±3.0%p at a 95% confidence level. For detailed information, refer to the Central Election Poll Deliberation Commission website.

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