Last Year’s Corporate Card Spending Hits 147 Trillion Won...Decrease in Entertainment Venues, Increase in Department Stores and Golf

Kukim Yoon Chang-hyun "Budget and Policy Should Focus on Reviving Local Small Businesses"

[Asia Economy Reporter Koo Chae-eun] It has been revealed that the amount paid with corporate cards last year exceeded 147 trillion won. Among this, spending at entertainment establishments significantly decreased, while expenditures at golf courses and department stores increased.

According to data received from the National Tax Service by Yoon Chang-hyun, a member of the People Power Party on the National Assembly's Political Affairs Committee, the total corporate card payment amount nationwide last year was 147.5627 trillion won. Looking at the annual figures, corporate card payments decreased from 133.5979 trillion won in 2017-2021 to 130.7536 trillion won and 126.7799 trillion won, then increased to 130.1909 trillion won and 147.5627 trillion won.

Breaking down last year's corporate card payments by usage category, 'non-consumer sectors' accounted for 131.0692 trillion won (88.8%). Among the 16.4934 trillion won spent in consumer sectors, the food service industry was the largest at 11.4355 trillion won (69.3%). This was followed by department stores at 2.0294 trillion won (12.3%), golf courses at 1.916 trillion won (11.6%), hotels at 895.7 billion won (5.4%), and entertainment establishments at 212 billion won (1.3%).

Spending at entertainment establishments decreased from 860.9 billion won in 2019 to 212 billion won last year, about one-quarter of the previous level. During the same period, food service consumption dropped by 11.5%, from 12.9246 trillion won to 11.4355 trillion won, and hotel expenditures decreased by 28.2%, from 1.2472 trillion won to 895.7 billion won.

On the other hand, expenditures at department stores increased by 14.5%, from 1.773 trillion won to 2.0294 trillion won, and payments at golf courses rose by 48.6%, from 1.2892 trillion won to 1.916 trillion won during the same period. Representative Yoon stated, "During the two years of COVID-19, sales at golf courses and department stores increased, but the food and lodging industries struggled. Next year's budget and policy direction should focus on revitalizing local small businesses."

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