COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief Fund
This study examined the difference in expenditure behavior by age group through an empirical analysis of changes in card expenditure after the COVID-19 outbreak, using card transaction data in Korea. It also investigated whether changes in card spending reflecting changes in expenditure behavior occ...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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SAGE Publishing
2023-12-01
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| Series: | SAGE Open |
| Online Access: | https://doi.org/10.1177/21582440231206664 |
| _version_ | 1797427299337895936 |
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| author | Byungjin Park Joonmo Cho |
| author_facet | Byungjin Park Joonmo Cho |
| author_sort | Byungjin Park |
| collection | DOAJ |
| description | This study examined the difference in expenditure behavior by age group through an empirical analysis of changes in card expenditure after the COVID-19 outbreak, using card transaction data in Korea. It also investigated whether changes in card spending reflecting changes in expenditure behavior occur because of the spread of infectious diseases. A panel analysis was employed using data from 2018 to 2020. After the outbreak, total expenditure decreased by 15.6%, with the spending of older, middle-aged, and young adults falling by 18%, 15.8%, and 14.1%, respectively. Spending on eating out declined by 24.3%, while that on eating in increased by 2.2%, a tendency that is more prominent for older adults. These findings suggest that the COVID-19 pandemic affected expenditure behavior, and the change varied by age group. This implies that the consumption-boosting effect of the COVID-19 relief fund may differ by age group with the different marginal propensity to consume. |
| first_indexed | 2024-03-09T08:42:16Z |
| format | Article |
| id | doaj.art-ce920d1b66224077ac679571f5e12aa9 |
| institution | Directory Open Access Journal |
| issn | 2158-2440 |
| language | English |
| last_indexed | 2024-03-09T08:42:16Z |
| publishDate | 2023-12-01 |
| publisher | SAGE Publishing |
| record_format | Article |
| series | SAGE Open |
| spelling | doaj.art-ce920d1b66224077ac679571f5e12aa92023-12-02T16:33:57ZengSAGE PublishingSAGE Open2158-24402023-12-011310.1177/21582440231206664COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief FundByungjin Park0Joonmo Cho1Department of Economics, HRD Center, Sungkyunkwan University, Jongno-gu, Seoul, KoreaDepartment of Economics, Sungkyunkwan University, Jongno-gu, Seoul, KoreaThis study examined the difference in expenditure behavior by age group through an empirical analysis of changes in card expenditure after the COVID-19 outbreak, using card transaction data in Korea. It also investigated whether changes in card spending reflecting changes in expenditure behavior occur because of the spread of infectious diseases. A panel analysis was employed using data from 2018 to 2020. After the outbreak, total expenditure decreased by 15.6%, with the spending of older, middle-aged, and young adults falling by 18%, 15.8%, and 14.1%, respectively. Spending on eating out declined by 24.3%, while that on eating in increased by 2.2%, a tendency that is more prominent for older adults. These findings suggest that the COVID-19 pandemic affected expenditure behavior, and the change varied by age group. This implies that the consumption-boosting effect of the COVID-19 relief fund may differ by age group with the different marginal propensity to consume.https://doi.org/10.1177/21582440231206664 |
| spellingShingle | Byungjin Park Joonmo Cho COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief Fund SAGE Open |
| title | COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief Fund |
| title_full | COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief Fund |
| title_fullStr | COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief Fund |
| title_full_unstemmed | COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief Fund |
| title_short | COVID-19 and Age Disparity in Credit Card Expenditures in Korea: Implications on the Government Relief Fund |
| title_sort | covid 19 and age disparity in credit card expenditures in korea implications on the government relief fund |
| url | https://doi.org/10.1177/21582440231206664 |
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