Korea Economic Cooperation said, " Household consumption expenditure is likely to fall by 1.6% next year...Polarization by Income"

Household consumer spending is expected to fall 1.6% next year from this year.

According to a survey of 1,000 adult men and women aged 18 or older from the 13th to the 20th of last month commissioned by the Korea Business Association, 53% of the respondents said they will reduce consumer spending next year.

Forty-seven percent said they would increase consumer spending.Looking at

by income, the bottom 60% of income in the 1st to 3rd deciles predicted a decrease in consumption, while the top 40% in the 4th to 5th deciles predicted an increase in consumption.

The Korea Economic Association said, "The lower the income, the more sensitive it is to the effects of high prices and the economic downturn, the greater the decrease in consumption expenditure," and explained that the polarization of consumption by class is expected.

High prices continued at 44% as the biggest reason for reducing consumer spending, followed by a decline in income, concerns about unemployment, and an increase in the burden of taxes and utility bills.

As for consumption reduction items, travel, dining out, and lodging were 17.6%, leisure and cultural life were 15.2%, and clothing?Shoes were found to be 14.9 percent.