"Only Trust Lotto"... Koreans Bet 6.7 Trillion Won on 'Life Turnaround'

'Lotto Myeongdang' Long Lines Even on Weekdays
2023 Lottery Sales Reach 6.7507 Trillion Won
Reason for Low-Income Purchasers: 'Life Turnaround'

As the recent economic downturn continues, more people are trying to strike it rich by purchasing lottery tickets. The lottery is a typical recession-proof product that sells well when the economy is tough, and last year's lottery sales hit a record high.

On the afternoon of the 5th, people are lining up in front of the lottery ticket store famous as a "Lotto Hotspot" near Exit 8 of Jamsil Station, Songpa-gu, Seoul.
[Photo by Im Chunhan]

On the afternoon of the 5th, Bang (35), whom we met at a lottery sales store famous as a ‘Lotto Hotspot’ in front of Exit 8 of Jamsil Station, Songpa-gu, Seoul, said, “I buy Lotto tickets every week,” adding, “If I win, I want to pay off all my loans and become financially free.”

Jung (58) said with a bitter smile, “It's hard to make a living, so even though I know I probably won't win, I still buy them,” adding, “Still, someone has to win. I hope it’s me.” Despite it being a weekday, the line of lottery buyers here never stopped.

According to the Ministry of Economy and Finance’s Lottery Commission’s ‘Information on Lottery and Lottery Funds,’ last year’s lottery sales amounted to 6.7507 trillion won. Of this, Lotto sales reached 5.6525 trillion won. Instant lottery tickets sold 658 billion won, pension lottery tickets 315 billion won, and electronic lottery tickets 125 billion won.

Looking at the annual lottery sales trends, the figures steadily increased from 4.7932 trillion won in 2019, 5.4152 trillion won in 2020, 5.9753 trillion won in 2021, to 6.4291 trillion won in 2022.

According to a ‘Lotto Purchase Perception Survey’ conducted by market research firm Embrain Trend Monitor from December 8 to 12 last year targeting 1,000 adults aged 19 to 59 nationwide, the awareness rate of Lotto tickets was 93%, and among them, 81.4% had purchased lottery tickets last year. The reasons for purchasing were: just in case (66.6%, multiple responses allowed), hope for a life turnaround (49.3%), happiness for the week (34.7%), fun (30.6%), preparation for retirement funds (26.6%), and economic difficulties (15.2%), in that order.

By social class, lower-income groups tended to buy as a way to escape economic hardship or achieve a life turnaround, while middle-class groups tended to purchase simply for fun. Most buyers responded that considering housing prices and inflation rates, the lottery prize money would have to rise to astronomical levels like the US Powerball or Mega Millions.

Professor Eunhee Lee of Inha University’s Department of Consumer Studies diagnosed, “The increase in lottery sales is because the economy remains sluggish, making reality harsh and tough,” adding, “Even though people know winning is difficult, they find small comfort in life through the act of purchasing.”

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