Active Consumption in Old Age... Payment Share of Those Aged 60 and Over Rises from 14% to 23% in 5 Years

Increase in Overseas Travel and Twilight Parenting

On the 28th, marking the start of the peak summer vacation season, overseas travelers visiting Incheon International Airport Terminal 1 are moving towards the departure hall. Photo by Jinhyung Kang aymsdream@

The proportion of 'active seniors' aged 60 and over among BC Card payment amounts has increased from 14% to 23% over the past five years. It was found that they not only enjoy traveling after retirement but also spend a significant amount on 'twilight childcare.'

On the 13th, BC Card announced that it obtained these results by analyzing payment data over the past five years. As of the end of last month, the payment amount share of BC Card members aged 60 and over (including new customers) was recorded at 22.9%. This is nearly double the 14.4% recorded in August 2018. During the same period, the proportion of customers also increased from 20.2% to 27.5%.

The top five regions with the highest average growth rate of customers aged 60 and over were Busan (up 10.7%), Ulsan (up 10.6%), Incheon (up 9.7%), Daegu (up 9.6%), and Gyeongnam (up 9.4%). These figures exceed the national average growth of 8.6% by more than 2 percentage points.

The industry where customers aged 60 and over spent the most was the 'travel' sector. It is interpreted that senior customers, who have more free time and purchasing power after retirement, started traveling abroad as the COVID-19 situation ended. Based on payment amounts, travel increased by 94.6% compared to last year, and duty-free shops increased by 83.5%. Compared to the COVID-19 period in 2021, these figures surged by 277.7% and 153.7%, respectively. In particular, the average payment amount per person aged 60 and over in the travel industry was about 400,000 KRW this year, a 65% increase from the previous year. Compared to all age groups, senior customers' spending was 24% higher on average.

BC Card also noted the need to pay attention to the 'twilight childcare' industry. Payment amounts by customers aged 60 and over increased by 54.7%, 50.6%, and 27.3% in kids cafes, hospitals (pediatrics), and academies, respectively. The average payment amount per person also exceeded the overall average in all these sectors. These industries are typically visited by grandparents who take care of children when both parents are working, mainly from infancy (kids cafes) through elementary school years (academies).

Oh Seong-su, Executive Director of BC Card, said, "As we enter a super-aged society, we have confirmed that the economic and educational influence of grandparents is increasing," adding, "BC Card will continue to strive to help establish effective policies based on data reflecting social changes."