51.5% of Gyeonggi Residents Expect Inflation to Continue Until the End of This Year

Survey Results on Gyeonggi Residents' Perceptions of Agricultural and Food Price Increases
Data provided by Gyeonggi Research Institute

[Asia Economy (Suwon) = Reporter Lee Young-gyu] It was found that 88% of Gyeonggi Province residents are currently stressed due to recent price increases. Among them, 43% were analyzed to have reduced disposable income due to inflation.

On the 19th, the Gyeonggi Research Institute announced that it published a report titled "The Dilemma of the Shopping Basket Economy Caused by Agricultural and Food Price Increases," based on a survey conducted from November to December last year targeting 965 Gyeonggi residents.

The survey results showed that 51.5% of respondents expected price increases to continue until the end of 2023, while only 1.7% expected them to end by the end of 2022.

88.0% of respondents reported feeling stressed due to rising prices, with 29.5% experiencing extreme stress. Due to the sharp rise in prices, 43.4% of respondents stated that their household disposable income (the portion of income freely available for consumption and savings) had decreased.

This trend was particularly severe among those with an annual income below 30 million KRW.

57.0% of respondents experienced an increase in food expenditure, and 74.0% reported experiencing a rise in dining-out prices.

Consumers responded to price increases by methods such as ▲purchasing discounted event products (23.0%), ▲using discount stores (19.8%), ▲prioritizing purchases (18.0%), and ▲buying low-priced products (13.1%).

As alternatives, the Gyeonggi Research Institute suggested expanding in-kind food support focused on vulnerable food consumers, policies to activate consumption linking local small business owners and consumers, financial and management support for small agricultural and food distribution businesses, and increased support for strengthening export capabilities and research and development investment of agricultural and food companies.

Kim Yong-jun, a research fellow at the Gyeonggi Research Institute, stated, "The difficulties caused by rising prices will spread mainly among vulnerable groups and marginal companies," adding, "Policies that consider both agricultural and food consumers and suppliers are necessary."

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