Korean Economy News
Elders in Korea join digital shopping bandwagon amid Covid-19 fear

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Online shopping which blasted off amid social distancing year of 2020 has gotten the older generation in Korea onboard, data found on Sunday.

According to analytics from Shinhan Card’s big data business division, the number of delivery app transactions made by consumers in their 50s soared 150 percent from January to September compared to the same period a year ago, showing a sharper increase than any other age groups. Shoppers in their 40s made 146 percent more delivery app transactions during the period and those aged 60 or older 118 percent, showing higher growth than younger consumers in their 20s and 30s who used delivery apps 65 percent and 82 percent more than last year, respectively.

Seniors also showed a steep increase in the number of online shopping transactions. Consumers aged 60 and over made 64 percent more e-commerce transactions during the Jan-Sep period compared to last year, followed by those in their 50s with 57 percent, 40s 49 percent, 30s 36 percent and 20s 29 percent.

Elderly people aged over 50 who once preferred offline shopping over online spending are now getting more and more accustomed to online shopping as they spend more time at home amid infection scare.

With Covid-19 driving a surge in digital shopping, the nation’s fresh food delivery pioneer Market Kurly is expected to see its sales more than double from last year to 1 trillion won ($908.3 million) this year. The number of monthly active users of used goods trading platform Carrot Market reached 12.5 million as of October, soaring more than 160 percent from the beginning of the year.

Shinhan Card also found that consumers ventured out less often to make purchases. According to credit card purchase analysis on 10.11 million customers in April, consumers moved an average of 140.7 kilometers in total to make transactions, down 24.6 percent from the same month last year. Mobility by elderly consumers fell by the sharpest rate at 27 percent, followed by consumers with young children and unmarried customers at 26 percent each.

By Lee Sae-ha and Choi Mira

[? Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]?

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