Teen spending in Korea hits W1.75m in 2024 -- see what topped the list
South Korean teenagers spent an average total of 1.75 million won ($1,200) last year, marking a significant increase in youth consumption, according to data released by NH NongHyup Bank.
The figure translates to roughly 150,000 won per month, up 30 percent from 2020. The analysis was based on the bank's financial data collected from its teenage customers.
Teenagers made an average of 262 card transactions in 2024, with debit cards rising as the most common method of payment among young consumers.
The proportion of students using their cards more than twice a day jumped from 18 percent in 2020 to 29 percent last year, the bank noted.
Debit card usage among elementary and middle school students saw an uptick in March, coinciding with the start of the school year.
For high school students, spending peaked in December, which is a trend the bank attributed to post university entracne exam celebrations.
While convenience stores, in-school supermarkets and restaurants remained the top spending destinations for both boys and girls, there were also notable gender-based spending patterns, according to the bank.
Male students visited internet cafes, called "PC bang" here, an average of 16 times per year, while female students went to coffee shops about 17 times annually.
Coffee purchases also peaked between 4 p.m. and 5 p.m., shortly after school hours.
Mega Coffee, known for its budget-friendly offerings, was the most frequented cafe chain among students, making up 18 percent of total cafe transactions. Compose Coffee and Paik's Coffee followed closely, indicating teenagers' preference for affordable coffee options.
Despite the rise in spending, teenagers appear to be saving more as well.
NH NongHyup Bank reported a 6 percent on-year increase in deposit account balances among its teen customers.
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