Selling comfort: ‘loneliness economy' emerges as more South Koreans live alone
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Suh acknowledges that he may be 'excessively' spending for his dog, considering 142,000 won was Korean pet owners' monthly average spending in the 2024 report released by the Ministry of Agriculture, Food and Rural Affairs.
Nevertheless, he finds such spending 'worthwhile as my dog helped me to get away from loneliness, which I previously struggled with after getting a divorce'.
'The joy and happiness that my dog brings as a lifetime companion is priceless, especially as I do not have kids and also rarely keep in touch with friends and families in recent years,' Suh said, declining to give his full name due to privacy concerns.
Suh's unsparing financial commitment to his pet, according to economists, manifests a burgeoning 'loneliness economy' – a segment of goods and services that capitalise on people's feelings of isolation and social disconnection to make profits.
A woman walks past a souvenirs shop in a tourist area in Seoul. Loneliness-driven businesses are closely associated with a fast-growing number of single-person households in South Korea. Photo: AFP
Such loneliness-driven businesses include psychological counselling and therapy, dating apps and even controversial dating services in return for money. The businesses are closely associated with a fast-growing number of single-person households, including those who are unmarried, divorced or widowed, according to Shin Se-don, professor emeritus of economics at Sookmyung Women's University.
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