Korea stands fourth among 20 major countries for average monthly splurge purchases, largely on premium alcoholic beverages, according to a Deloitte report.
Koreans spend an average of $59 monthly on indulgences, surpassing the global average of $41. Around 31% of this spending goes to food and beverages, 29% to clothing and accessories, and 10% to self-care. Emotional comfort, practicality, and hobbies are the main reasons cited for these purchases. The report also notes a decline in Korea's Consumer Financial Well-Being Index to 90.6, reflecting economic stress and a negative personal finance outlook.
China leads with $143 in average monthly splurge spending, followed by the UAE at $127, and Saudi Arabia at $121. Germany and France both follow Korea at $53, with the U.S. ranking 15th at $35.
Despite financial difficulties, splurging remains a way for Korean consumers to seek emotional comfort and relieve stress.
Kim Tae-hwan, a partner at Deloitte Korea, emphasized the ongoing trend of splurging for stress relief even in challenging economic times.
News Source: Korea Times Co.
