South Korea ranks fourth globally in splurge purchases for ‘comfort, stress relief’: report
- The Deloitte report also found that a significant portion of South Koreans’ splurge consumption centred on premium alcoholic beverages
According to the Deloitte Consumer Signals Link Index released by Deloitte Korea on Thursday, South Koreans spend a monthly average of US$59 on splurge purchases, while the 20 countries’ average falls at US$41.
The report indicated that about 31 per cent of Koreans’ monthly splurging is on food and beverages, including premium alcoholic beverages, while another 29 per cent is spent on clothing and accessories and another 10 per cent on self-care.
It also showed that such conspicuous consumption in the food and beverage sector is about three to four times higher compared to spending on household items.
When asked for the reasons for such indulgent purchases, Korean respondents mostly cited emotional comfort (15 per cent), practicality (15 per cent) and hobbies (13 per cent).