Senior "Big Spenders"... Morning Coffee at Cafes, Chicken for Dinner

KB Kookmin Card has released an analysis of credit card and check card usage amounts among the senior age group aged 65 and older, who are emerging as major consumers in the market.

According to Kookmin Card on the 20th, the growth rate of card usage amounts among the senior generation was the highest compared to other age groups. Last year, the card usage amount of the senior generation aged 65 and older increased by 81% compared to 2019. During the same period, the increase rate for those aged 40 and below was only 13%.

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The senior generation actively consumed in the food service sector. The proportion of restaurant visits was 42%, which was 6 percentage points higher than that of those under 65. Looking at food service usage by time of day, coffee shop visits accounted for the highest proportion at 44% during the morning hours (7?11 AM). The average amount spent per transaction was 6,900 won for the senior generation, 1,200 won more than the under-65 age group (5,700 won). The proportion of transactions over 10,000 won at coffee shops was also highest among seniors (18%).

During lunch (11 AM?1 PM) and dinner hours (5?9 PM), the highest proportions of visits were to general Korean cuisine and baekban (set meal) establishments, at 28% and 24%, respectively. Popular lunch spots included duruchigi specialty restaurants, barley rice specialty restaurants, rice bowl and home-style meal specialty restaurants, bibimbap specialty restaurants, and jjambbong specialty restaurants. For dinner, popular places were jokbal (pig’s trotters) specialty restaurants, gopchang and yanggui (grilled intestines) specialty restaurants, dakgangjeong (sweet crispy fried chicken) specialty restaurants, tangsuyuk (sweet and sour pork) specialty restaurants, and makchang (beef abomasum) specialty restaurants. After 9 PM, chicken specialty restaurants accounted for 27% of sales.

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Looking at the senior generation’s consumption outside of food services, convenience stores and pharmacies had the highest usage proportions in the morning, supermarkets in the afternoon, and online shopping had a high proportion of transactions late at night. Visits to bathhouses, organic specialty stores, and general karaoke rooms also ranked within the top 10, drawing attention.

A Kookmin Card official stated, "The sales amount of the senior generation aged 65 and older continues to increase, showing promising trends for the future," adding, "It is important to note that senior-related sectors, as seen in the coffee shop example, have higher average transaction amounts compared to other age groups." The official also said, "We will continue to provide insights to related merchants and companies through diverse consumption trend analyses by senior age groups."

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