SEOUL, Jan 31 (Korea Bizwire) — Four in ten one-person households in South Korea were dissatisfied with their consumer spending, the country’s statistics bureau said.
Monthly consumption expenditure for one-person households averaged 1.32 million won ($1,090) in 2020, according to data from Statistics Korea.
This figure is calculated by subtracting non-consumption expenditures such as taxes, social insurance expenditures and interest payments from household expenditures.
This figure is equivalent to 55% of the monthly consumption expenditure of all households, which averaged 2.4 million won.
Housing, water, electricity and heating costs accounted for 19.5% of monthly consumption expenditure of one-person households, followed by food and housing at 16.7% and food and beverages and non-alcoholic beverages at 13.7%.
In other words, one-person households spent 49.9% of their monthly consumption expenditure on housing and food and beverages, which is higher than 41.1% for all households.
In the survey conducted in May last year by the Bureau of Statistics, 39.5% of one-person households said they were unhappy with their everyday consumer spending.
For all households, the share of those who said they were dissatisfied was relatively low at 32.9%.
In 2019, the annual income of one-person households averaged 21.62 million won, an amount equivalent to 36.5 percent of the all-household average of 59.24 million won.
Among single-person households, those with an annual income ranging from 10 to 30 million won accounted for the largest share at 46.6 percent. The share of those whose annual income is less than 10 million won was 30.8%.
M. H. Lee ([email protected])