Households Consume Less as Debt Grows

Koreans are streamlining their shopping lists in these tough economic times.

New data shows that in most households, the ratio of consumption expenditure to disposable income stood at less than 60 percent in the third quarter of last year. This is the first time the ratio has fallen to such a low level since 2003.

Statistics Korea said the average monthly income of households with more than two members stood at US$3,700 and they spent around $2,200 of this.

Experts attribute the fall in consumption to the nation's mounting household debt and the slumping global economy.