A 2.3% increase in real income only increases consumption by 1.4%.

Real income rose 2.3% in the third quarter of this year, but real consumption fell short of income growth.

According to the results of the third-quarter household trend survey released by Statistics Korea, the average monthly consumption expenditure per household in the third quarter was 2.97 million won, up 3.5 percent from the same quarter last year.

Consumer spending has been on the rise for 15 consecutive quarters since the first quarter of 2021.

Real consumption expenditure, which removes the effects of price fluctuations, rose only 1.4%.

Real income increased by 2.3%, but consumption failed to keep up, and it is analyzed that household consumer sentiment has recovered less as domestic demand has been sluggish.The size of the surplus increased as households

spent less money.

The surplus of disposable income minus consumption expenditure was 1.28 million won, up 10.2% from the same quarter last year.

It's the largest amount ever as of the third quarter.

If you look at consumption expenditure by item, the field related to product consumption was sluggish.

Food and non-alcoholic beverage spending rose only 0.6%, while liquor and tobacco spending fell 2.9%.

Clothing and footwear spending fell 1.6%, while transportation spending also fell 4.3%, with car purchases down nearly 25%.

On the other hand, residential, water and thermal spending increased by 12.6%, the highest growth rate in the third quarter of all time.