Reduction in spending among millionaires after COVID-19 South Korea 2020, by item

Published by L. Yoon, Jun 25, 2024
According to a survey conducted in South Korea in 2020, about 45.7 percent of millionaires surveyed said they had reduced their spending on hobbies and leisure activities due to the outbreak of the COVID-19 pandemic. About 44.8 percent stated that they had reduced spending on overseas travel.

Decrease in spending among millionaires due to COVID-19 in South Korea in 2020, by item

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Release date

October 2020

Region

South Korea

Survey time period

July 6 to August 7, 2020

Number of respondents

105 millionaires*

Method of interview

Face-to-face interview

Supplementary notes

*Millionaires are defined here as individuals who have financial assets of one billion South Korean won or more.

1,000 South Korean won equals 0.83 U.S. dollars or 0.74 euros as of March 2022.

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