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.