Household Food Expenses in South Korea Nearing 900,000 Won Monthly
Creatrip Team
a year ago
In 2023, household food expenses in South Korea approached 900,000 won monthly, a growth primarily influenced by rising costs in groceries and dining out. This has caused South Korea's Engel's coefficient, a measure of household expenditure on food, to climb close to 30%. Engel’s coefficient typically decreases with higher income but has been rising since 2010, highlighting financial pressures despite a stagnant income. Dining out constitutes a significant expense, especially among single households, where its share has reached nearly 50%.
