Those in 50s, 60s spend the most in single-person households

[Photo by Yonhap]

Those in the 50-to-64-year age group tend to spend more than their younger counterparts amid a surge in the number of single-person households in South Korea, a report showed on Thursday.

According to Korea Chamber of Commerce and Industry (KCCI)’s Retail Talk report titled “Analysis of Purchasing Behavior in Single-Person Households,” single-person households, particularly older adults (aged 50 to 64), outspent both the younger (19 to 29) and mid-aged (30 to 49) groups. The report, based on purchase data from 8,000 households across the country in the second half of 2023, focused on analyzing consumer behavior among different age groups.

The purchased goods mentioned in the report refer to consumer goods purchased within households, excluding gifts that are not directly consumed by the purchaser. The analysis found that older adults spent the highest amount on consumer goods, or 1,130,026 won ($830), in the latter half of 2023. The figure significantly surpassed the spending of both the younger (409,696 won) and middle-aged (654,599 won) groups during the same period, showing an expenditure that was 2.7 times higher compared to the younger demographic.

“Individuals in their 50s and beyond are in a relatively stable economic period, with less financial burdens including education fees for their children and housing, giving them more spending capacity on consumer goods,” a KCCI official said.

Of particular interest is the higher proportion of food expenditure among single-person households in the older adults group compared to younger demographics. The analysis of food purchase proportions by age group revealed that while the younger group allocated 72.2 percent of their spending on food, the older group allocated a significantly higher proportion, or 86.8 percent. Further breakdowns revealed that among the older-aged group, the highest proportion of spending was on fruits (15.2 percent), followed by meat (13.7 percent), vegetables (12 percent), and seafood (8.6 percent). In contrast, the younger demographic allocated the highest proportion of their food spending, or 10.6 percent, to snacks.