Despite the economic downturn and rising prices, ”active seniors” are increasing their consumption... Average monthly spending by top 20% of card users increases = South Korea

In South Korea, while high prices and the worsening economy have caused card spending to fall among the elderly, it has become clear that those with financial means are actually increasing their spending.
According to an analysis released on the 5th by Shinhan Card's Big Data Research Institute, the company's customers aged 60 and over are spending more on their cards than ever before.
The top 20% are defined as "active seniors." The spending trends of this group were compared with those of general seniors aged 60 and over. According to the results, the average monthly spending of Shinhan cards for general seniors is 2
The average annual income for active seniors fell 22.6% from 530,000 won in the June-November period of 2022 to 410,000 won in the same period of 2024. In contrast, the average annual income for active seniors fell 22.6% from 1.61 million won to 1.77 million won during the same period.
The institute pointed out that "active seniors are 55% between 60 and 64 years old, which is a younger average age than general seniors (38%)."
Looking at the breakdown of spending, active seniors are spending more on online shopping and health & beauty stores (H&B stores), which are primarily used by younger generations.
They also tended to be more proactive in managing their appearance. Looking at the use of major e-commerce sites by active seniors last year,
The number of transactions has increased by 76% compared to two years ago, and the number of users has increased by 39%. The average amount spent per person has also increased by 8%, from 237,000 won to 255,000 won.
For those aged 10 or older, the number of transactions on major e-commerce sites increased by just 13%, while the number of users increased by just 7%. The average amount spent per person fell 21.2%, from 165,000 won to 130,000 won.
There are also some distinctive features in consumer behavior at brick-and-mortar stores. Looking at the period from June to November last year, active seniors spent 36,000 won per person at H&B stores, compared with general seniors (30,000 won).
At low-priced household goods stores, the average purchase price was 15,000 won, which is higher than that of general seniors (13,000 won). The number of active seniors using H&B stores last year was 100% higher than that of general seniors two years ago.
In contrast, the growth rates for general seniors during the same period were only 1% and 23%, respectively.
They are also proactive in spending on beauty and grooming.
In the past two years, the number of beauty salons has increased by 27%, beauty clinics (orthopedics and dermatology) by 20%, and esthetic salons by 18%. The growth rates for the general senior population during the same period were 13%, 11%, and 12%, respectively.
The number of people using paid OTT (flat-rate video streaming) services fell by 11%, and the amount spent also fell by 8.6%.
By contrast, active seniors saw a 9% increase in the number of uses and an 18% increase in the amount of use.