Family Month

Koreans Expected to Spend Less During 2020 Family Month

With one holiday down and three to go, family month is underway in South Korea. But like with everything, the COVID-19 pandemic has changed how Koreans celebrate. Certainly in terms of family gatherings, but also in the way they spend money.

According to a survey by Job Korea in collaboration with Albamon Statistics Center (link in Korean), expected spending for family month was down a whopping 15 percent in 2020 compared to 2019. Children’s Day was affected most, with per-capita spending down from 130,000 won ($107) to 80,000 won ($66). Only spending for Parents’ Day, which will take place on May 8, was expected to rise, if not by much.

Description

This chart shows expected spending during family month in South Korea in 2019 and 2020, by specific holiday.

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Gross domestic product (GDP) growth in South Korea 1954-2029
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South Korea's exports to ASEAN countries value 2012-2023
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South Korea's imports from ASEAN countries value 2014-2023
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Total value of U.S. trade in goods with South Korea 2000-2023
Inflation rate in South Korea 2029
Median age of the population in South Korea 2024

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