Koreans cut spending in March, except on health, education

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Koreans cut spending in March, except on health, education - Korea Economic Daily

Quick Summary:

In terms of percentage growth, early childhood education and pediatric care led the gains in medical and education spending.“This is characteristic of recessionary consumption, with consumers curbing non-essential spending due to concerns over future income,” said Lee Eun-hee, professor emeritus of consumer science at Inha University.“Both the government and the private sector need to mobilize efforts to stimulate domestic demand.”Retail industry observers expect defensive spending to continue into the second quarter as both companies and consumers brace for the impact of trade tensions with Washington following the Trump administration’s tariff hikes.

Card spending on travels plummeted 28.8% on-year in March, marking the sharpest decline among the major 59 consumer segments tracked by the alternative data platform Hankyung Aicel.

Card spending on private education institutes rose 4.3% to 1.39 trillion won ($974 million) in March from the year prior, despite their annual tuition hikes early this year.