Elderly Wise up to Online Services in Pandemic

Elderly people have grown more internet-savvy in lockdown and are spending more money online. Although they still account for a small portion of the pie, more and more senior citizens are buying food and other products on their phones and computers.

Hana Bank analyzed credit card usage in 2019 and 2020 and found that people in their 50s accounted for 15 percent of total online purchases in December last year and the over-60s for just six percent.

But the amount of their online credit purchases is increased sharply, rising 50 percent on-year for those in their 50s and 55 percent for the over-60s.

There was a huge increase in older people using food-delivery apps like Yogiyo and Baedal Minjok, up 163 percent among users in their 50s and 142 percent among those over 60s.

Among those who use food-delivery apps, customers in their 50s still account for only six percent of total transactions and over-60s for only one percent, but the rate of growth is substantial.

Meanwhile, the bulk of online card purchases by people in their 20s and 30s is concentrated on either luxury goods or second-hand goods. Credit card users in that age group accounted for 55 percent of total luxury product purchases, and the amount customers in their 20s spent on them increased 80 percent in 2020 and 75 percent among those in their 30s.