Uncategorized

BOK REPORTS S. KOREA SPENDING AN ALL-TIME HIGH IN LIQUOR AND CIGARETTES

Summary

Highlights – BOK reports S. Korea spending an all-time high in liquor and cigarettes. In the third quarter local households spent US$3.96 billion on alcohol and cigarettes. The data is reported to be the largest quarterly figure since 1970. Spending […]

Highlights –

  • BOK reports S. Korea spending an all-time high in liquor and cigarettes.
  • In the third quarter local households spent US$3.96 billion on alcohol and cigarettes.
  • The data is reported to be the largest quarterly figure since 1970.
  • Spending data on leisure activities hit an eight-year low in the third quarter.

South Korea’s central bank on Tuesday showed a data showing the country’s spending on liquor and cigarettes reaching an all-time high in the third quarter of 2020 amid the coronavirus outbreak.

According to the data from the Bank of Korea, local households spent 4.3 trillion won (US$3.96 billion) on alcohol and cigarettes in the July-September period, up 6.2 percent from a year earlier.

The current data from 2020 reportedly represents the largest quarterly figure since 1970, when the central bank began tracking related data.

The country people’s increased spending on alcohol and tobacco was attributed to collective fatigue due to the coronavirus outbreak and tougher social distancing measures.

According to data from Statistics Korea, during the July-September period South Korean households spent an average of 42,980 won on liquors and cigarettes, up 10.7 percent from a year earlier and a record high.

In contrast, South Koreans’ spending on leisure activities hit an eight-year low in the third quarter due to the coronavirus impact.

According to the central bank data, in the three-month period, household spending on entertainment, sports, and cultural activities came to 12.4 trillion won, and down 24.1 percent from a year earlier.

Leave a Reply

Your email address will not be published. Required fields are marked *