September 5, 2003
South Koreans Cut Spending on Meat
South Koreans cut their spending on beef and other meats by 3.5% year on year in the second quarter, according to statistics recently released by the Bank of Korea.
According to the report, spending on both necessities and luxuries fell, with big-ticket items such as refrigerators and cars recording the greatest declines. Koreans have tightened their purse strings due to the economic slowdown and rising household debt.
According to the Bank of Korea, the Korean economy recorded the lowest growth in four years in the second quarter, while the number of credit defaulters in Korea hit 3.34 million in July, up by 3.75 percent on June.