The consumption growth rate of the elderly is twice that of the young, and old people who do not spend money are a thing of the past.jpg

(Sejong-Yonhap News) Reporter Ahn Chae-won
The spending on elderly people is increasing, reaching twice that of young people, reducing the overall consumption.
It was also revealed that the final amount of the rain hit a record high in the hundreds of millions.
According to the National Data Agency on the 12th, as of 2023, the total consumption of seniors aged 65 or older is 243.8 trillion won.
It increased by 12.096 (KRW 26.7 trillion) compared to the previous year, recording the highest rate ever:
The proportion of consumption by the elderly is also 16.7%, the highest ever.
For those aged 15 to 64, who account for 70.7% of total consumption, the consumption increase due to working age certificates is only 6.3%.
The ‘young people’ age group (0-14 years old) remains at an increase of 4.3%.
More than 60% of total consumption by senior citizens is private consumption (KRW 150 trillion), which is 14.9% compared to the previous year.
This refers to the consumption rate directly spent by individuals rather than public consumption, such as welfare and medical care provided by the government:
In particular, among private consumption, there is no significant increase in other consumption such as leisure, culture, and eating out, compared to health consumption, which focuses on medical expenses.
This is the explanation of the National Data Agency.
This means that, in addition to hospital costs, spending related to quality of life has clearly increased.
It has been shown that elderly people consume based on their own assets in addition to pension welfare and family support.
The consumption of the elderly population (KRW 243.8 trillion) greatly exceeds the labor income (KRW 64.6 trillion).

This reallocation of assets between the Chinese and private sectors reached an all-time high of 49.3 trillion won last year:
Private asset reallocation involves not only income generated from assets such as interest and rent, but also reducing savings or reducing assets.
This includes the amount disposed of and used for consumption:
It can be seen as an indicator of how much old pine trees are utilizing their assets as consumption resources:
An official from the National Data Center said, “It is not simply the effect of the population increasing as baby boomers enter the age-related syndrome.
According to the size of per capita consumption, old pine is emerging as a major consumer.
“No,” he explained:
However, even in the elderly population, the gap between generations was evident.
59.3% of total consumption among the elderly and 68.59% of private asset reallocation are concentrated in those aged 65 to 74. relatively
The ‘young and elderly’, who have high assets and are highly active, account for most of the consumption and asset utilization:
Differences in asset accumulation levels and economic circumstances at retirement between generations appear to have led to this gap:
chaewon@ynacokr

Is ‘old man who doesn’t spend money’ a thing of the past? . Elderly consumption growth rate
twice as young
Seunggo 2025-10-12 05.55
Reporter Ahn Jae-won
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When working-age consumption increases by 6.3%, old age consumption increases by 129 ^ ‘Young and old people’ spend more