Seoulites in 50s, 60s emerge as major consumers

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Lee Min-han, a 50-something in Seoul, says he has been more and more shopping for items on-line after discovering it much more handy than purchasing offline.

“My spouse can be into on-line purchasing, and she or he usually buys issues that aren’t essential however priced cheaper than in offline malls,” Lee stated.

His case displays the rising spending energy of Seoulites of their 50s and 60s as they’re changing into digital-savvy and extra accustomed to purchasing on-line.

A Seoul 50 Plus Basis report launched on Thursday confirmed that spending by Seoulties aged 50 to 64 has elevated by greater than 50 % over the previous 5 years.

The report in contrast the focused age group’s spending in every quarter of 2019 with such spending from November 2023 to October 2024.

Complete spending rose by 51 % amongst these aged between 50 and 54, 57.5 % for these aged between 55 and 59 and 63.1 % for these aged between 60 and 64.

Their spending energy turned out to be even stronger on-line. Over the cited interval, the spending elevated 119.2 % amongst these aged 50 to 54 and 141.7 % for these aged 60 to 64.

“It seems middle-aged and older adults are rising as main customers on-line,” the inspiration stated.

These of their 50s, particularly their early 50s, additionally noticed a steep rise in schooling spending, as the typical age of fogeys elevating children has risen in recent times.

The muse stated the family debt of the corresponding age teams, nevertheless, can have an effect on their spending.

“In that regard, serving to them to have a secure earnings might be essential for the financial system,” it added.

These of their 40s, in the meantime, both decreased or barely elevated spending in a lot of the sectors, together with retail, meals, leisure and schooling. The muse famous that the individuals on this age group are particularly tightening their belts as they face an rising financial burden.