May 29, 2023 08:23
People over 50 are now the biggest spenders in Korea, prompting business to pivot to targeting the older demographic. They even trounced young consumers in terms of online purchases.
According to KB Kookmin Card, credit card spending among people over 50 jumped 17 percent last year, outpacing the 11 percent increase in the age bracket of 20 to 49. The increase was particularly striking among people in their 60s and 70s.
Older spenders also outpaced younger consumers in online purchases. Online spending by the over-65s surged 58 percent last year and spending on delivery apps soared 40 percent, compared to just 13 percent and seven percent among consumers aged 20 to 49.
A KB Kookmin Card staffer said, "It appears older people got used to ordering online in lockdown." The proportion of consumers over 50 in online and delivery purchases rose from 18 percent in 2021 to 21 percent last year.
They spent lavishly on beauty and leisure. Travel industry sales to customers over 65 surged 96 percent, and 82 percent to people aged 50 to 64. That compares to just 56 percent to consumers aged 20 to 49.
Ticket sales of concerts and other performances increased 84 percent among consumers aged 20 to 49 but soared 136 percent in the 50-64 group and 139 percent among people over 65.
In cosmetic surgery and skin clinics, sales generated by the over-65s jumped 31 percent and 20 percent, compared to 10 percent and four percent among younger clients.
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