Koreans Expected to Spend Less During 2020 Family Month

With one holiday down and three to go, family month is underway in South Korea. But like with everything, the COVID-19 pandemic has changed how Koreans celebrate. Certainly in terms of family gatherings, but also in the way they spend money.

According to a survey by Job Korea in collaboration with Albamon Statistics Center (link in Korean), expected spending for family month was down a whopping 15 percent in 2020 compared to 2019. Children’s Day was affected most, with per-capita spending down from 130,000 won ($107) to 80,000 won ($66). Only spending for Parents’ Day, which will take place on May 8, was expected to rise, if not by much.