Weekly credit card usage of those in their 20s decreased by 9.0% from a year ago
“Impact of income instability… reducing spending more than other age groups”,
,
,
The credit card usage rate noticeably dropped compared to the same period last year. ⓒPixabay,
,
, ‘The increase rate of credit card usage amount compared to the same period last year has significantly decreased recently. In particular, the decrease in credit card usage amount for those in their 20s with unstable income flow stood out more than other age groups.’,
,
, “According to the Woori Financial Management Institute on the 2nd, analyzing the ‘big data utilization’ data from Statistics Korea, the domestic credit card usage amount from the 3rd to the 9th of last month increased by only 0.8% compared to a year ago (12-week moving average). The increase rate of credit card usage amount compared to the same period last year has been consistently decreasing since the first week of January 2021 when relevant statistics were compiled.”,
,
, ‘The increase rate of credit card usage amount showed a noticeable drop after exceeding 10% in April-May 2021 and last year’s overall positive trend. The rate recorded around 5% in January-February this year, but gradually declined and turned negative for the first time in April this year. Since then, it has been recording in the range of 0-1% without rebounding.’,
,
, ‘By age group, the decline in increase rate was particularly prominent among those in their 20s. From the 3rd to the 9th of last month, the credit card usage amount of those in their 20s decreased by 9.0% compared to the same period last year (12-week moving average). This indicates that after turning to a decrease compared to the same period last year since March last year, the growth rate has been hovering around -9% to -10% recently.’,
,
, ‘During the same period, the credit card usage amount of those in their 30s (-0.3%) and 40s (-1.4%) decreased slightly. On the other hand, the age groups of 50s (+2.0%), 60s (+7.1%), and 70s and above (+15.3%) showed an increase in usage amount compared to a year ago. It is analyzed that those in their 20s with unstable income flow are reducing consumption more than other age groups.’,
,
,