"Lunar New Year Is Getting Scary"...Average Expected Holiday Spending for People in Their 40s Hits 1.04 Million Won

Average Expected Spending Across All Ages at 943,000 Won
Frequency of Family and Relative Gatherings: "About Once a Quarter"
More Respondents Say "We Meet Less Often Than in the Past"
Main Reason: "Because Everyone Has Become Busy With Their Own Work and Life"

People in their 50s and older said they expect to spend 1,014,000 won this Lunar New Year. The average expected Lunar New Year expenses have been increasing every year across all age groups.

According to a survey conducted by Eugene Group on 1,076 employees of its affiliates on the 14th, the average expected expenses for this year's Lunar New Year were tallied at 943,000 won. This is about a 7.8% increase compared with the previous year (875,000 won). Compared with five years ago in 2021 (686,000 won), it has increased by nearly 40%.

By age group, people in their 20s expect to spend an average of 612,000 won, those in their 30s 841,000 won, those in their 40s 1,045,000 won, and those in their 50s 1,014,000 won, showing an annual increase across all generations.

In response to a question about how often they meet family and relatives other than immediate family, the largest share answered "about once a quarter" (29.7%). This was followed by "it is difficult to meet except during holidays" (27.6%) and "about once a year" (21.2%).

To a question about how the frequency of meetings and contact has changed compared with the past, most respondents answered "decreased a lot" (43.6%) and "decreased somewhat" (32.7%). As reasons for reduced interaction, respondents cited "because everyone has become busy with their own work and life" (40.1%), "because there are fewer occasions to meet as often as before" (14.0%), and "because the concept of family has narrowed from relatives to immediate family" (13.1%).

The activity people spend the most time on during the Lunar New Year holiday was overwhelmingly "eating together and talking" (78.9%). As for conversation topics, "work and livelihood" (28.2%), "health and well-being" (21.6%), and "memories" (14.0%) were cited in that order.

In response to a question about what the Lunar New Year holiday means to them, the highest share answered "a time when family and relatives gather in one place" (80.0%). This was followed by "a time when you really feel the New Year" (8.6%) and "a time for complete personal rest" (5.3%).