Housewives Tighten Belt for Lunar New Year

Some 38.6 percent of housewives in Seoul and Gyeonggi Province want to cut spending for the lunar New Year's Day this year, a straw poll of 630 women there released Thursday by the Korea Chamber of Commerce and Industry suggests.

A mere 12.1 percent of respondents said they will increase spending.

As reasons, some 41.2 percent of the housewives who want to cut spending cited a reduction in real income due to a rise in consumer prices. Next was continued economic instability (28 percent) and household debt (23 percent).

The largest group favored fruit and other farm produce as gifts for the holidays at 26 percent.

A KCCI spokesman said, "Consumer sentiment has got worse since last year due to inflation. We have to stabilize consumer prices to boost consumption."