Household Income and Expenditure Trends

in the Third Quarter of 2022

1. Income
□ The average monthly household income amounted to 4.869 million won in the
third quarter of 2022, which grew by 3.0% from the third quarter of 2021. (At
2020 prices, a decrease of 2.8% from the third quarter of 2021)
❍ The current income grew by 2.6% from the third quarter of 2021.
❍ The non-current income grew by 28.4% from the third quarter of 2021.
<Table 1> Average monthly income per household
(Unit: 1,000 won, %, year-on-year)
Amount Percent change

3Q 2021 Compo- 2Q 2022 3Q 2022 Compo- 3Q 2021 2Q 2022 3Q 2022

sition sition
Household size (person) 2.37 - 2.33 2.33 - - - -
Age of household head (age) 52.6 - 52.3 52.3 - - - -
Income 4,729 100.0 4,831 4,869 100.0 8.0 12.7 3.0
Current income 4,666 98.7 4,739 4,788 98.3 8.3 12.6 2.6
Employee income 2,954 62.5 2,887 3,114 64.0 6.2 5.3 5.4
Self-employment income 885 18.7 927 991 20.4 3.7 14.9 12.0
Property income* 24 0.5 33 30 0.6 -23.9 -22.9 28.7
Transfer income 804 17.0 893 652 13.4 25.3 44.9 -18.8
Public transfer 583 12.3 679 431 8.9 30.4 61.5 -26.1
Private transfer 221 4.7 214 221 4.5 13.4 9.2 0.2
Non-current income* 63 1.3 92 81 1.7 -10.0 16.1 28.4
Note: Be more cautious when using data with '*' mark due to a high relative standard error (RSE).

2. Consumption Expenditure
□ The average monthly consumption expenditure per household marked 2.702
million won in the third quarter of 2022, which rose by 6.2% from the third quarter
of 2021. (At 2020 prices, a rise of 0.3% from the third quarter of 2021)
❍ The expenditures on 'Restaurants and hotels' (22.9%), 'Recreation and culture' (27.9%),
'Transportation' (8.6%), 'Education' (8.6%) and 'Clothing and footwear' (15.3%) showed
a year-on-year increase.
❍ The expenditures on 'Food and non-alcoholic beverages' (-5.4%) and 'Household
equipment and housekeeping services' (-9.1%) showed a year-on-year decrease.
 <Table 2> Average monthly consumption expenditure per household
(Unit: 1,000 won, %, year-on-year)
Amount Percent change

3Q 2021 Compo- 2Q 2022 3Q 2022 Compo- 3Q 2021 2Q 2022 3Q 2022 At 2020

sition sition prices
Consumption expenditure 2,544 100.0 2,619 2,702 100.0 4.9 5.8 6.2 0.3
Food and non-alcoholic
430 16.9 365 407 15.0 5.7 -1.8 -5.4 -12.4
beverages
Alcoholic beverages and
42 1.7 38 42 1.6 5.3 -3.0 -0.8 -3.1
tobacco
Clothing and footwear 106 4.2 145 122 4.5 10.0 12.5 15.3 11.6
Housing, water, electricity
269 10.6 296 269 9.9 2.5 -3.3 -0.3 -6.1
and other fuels
Household equipment and
140 5.5 120 128 4.7 7.2 -9.4 -9.1 -13.5
housekeeping services
Health 223 8.8 240 227 8.4 3.2 2.5 1.9 1.0
Transportation 287 11.3 331 312 11.5 5.8 11.8 8.6 -1.8
Communication 128 5.0 123 131 4.9 3.0 3.6 2.8 1.7
Recreation and culture 142 5.6 176 181 6.7 3.7 19.8 27.9 23.8
Education 221 8.7 166 239 8.9 6.9 11.1 8.2 6.6
Restaurants and hotels 353 13.9 402 434 16.1 5.2 17.0 22.9 13.1
Other miscellaneous goods
202 8.0 216 211 7.8 1.9 4.4 4.2 -2.6
and services

3. Non-consumption Expenditure
□ The average monthly non-consumption expenditure per household totaled 1.018
million won in the third quarter of 2022, which grew by 6.6% from the third quarter
of 2021.
❍ The transfer between households, the interest and the social insurance increased by
10.6%, 19.9% and 6.5%, respectively, from the third quarter of 2021.
❍ The non-regular tax declined by 15.6% from the third quarter of 2021.
<Table 3> Average monthly non-consumption expenditure per household
(Unit: 1,000 won, %, year-on-year)
Amount Percent change

3Q 2021 2Q 2022 3Q 2022 Compo- 3Q 2021 2Q 2022 3Q 2022

sition
Non-consumption expenditure 956 888 1,018 100.0 11.4 6.6 6.6
Regular tax 262 167 266 26.1 16.8 6.0 1.5
Non-regular tax* 25 13 21 2.1 45.7 -43.3 -15.6
Pension contribution 137 138 141 13.8 7.4 6.8 2.7
Social insurance 160 171 170 16.7 12.1 10.1 6.5
Interest 87 92 104 10.2 2.1 7.1 19.9
Transfer between households 209 223 231 22.7 14.4 7.9 10.6
Transfer to non-profit
76 84 85 8.4 -3.2 11.5 12.0
institutions
Note: Be more cautious when using data with '*' mark due to a high relative standard error (RSE).
4. Disposable Income and Surplus
□ The average monthly disposable income per household was 3.85 million won in
the third quarter of 2022, which went up by 2.0% from the third quarter of 2021.
❍ The surplus amounted to 1.148 million won, which fell by 6.6% from the third quarter
of 2021.
❍ The surplus rate stood at 29.8%, down 2.8%p from the third quarter of 2021.
❍ The average propensity to consume stood at 70.2%, up 2.8%p from the third quarter
of 2021.
<Table 4> Average monthly surplus and average propensity to consume per household
(Unit: 1,000 won, %, year-on-year)
Amount (Percent) change
3Q 2021 2Q 2022 3Q 2022 3Q 2021 2Q 2022 3Q 2022
1)
Disposable income 3,773 3,943 3,850 7.2 14.2 2.0
2)
Surplus 1,229 1,323 1,148 12.4 35.2 -6.6
3)
Surplus rate (%) 32.6 33.6 29.8 1.5p 5.2p -2.8p
Average propensity to consume (%)4) 67.4 66.4 70.2 -1.5p -5.2p 2.8p
Note) 1. Disposable Income = Income - Non-consumption Expenditure
2. Surplus = Disposable Income - Consumption Expenditure
3. Surplus Rate = (Surplus / Disposable Income) × 100
4. Average Propensity to Consume = (Consumption Expenditure / Disposable Income) × 100

5. Income and Expenditure by Income Quintile

□ In the third quarter of 2022, the average monthly income of the lowest quintile
amounted to 1.131 million won, which fell by 1.0% from the third quarter of 2021.
The average monthly income of the highest quintile amounted to 10.413 million
won, which increased by 3.7% from the third quarter of 2021.
❍ The disposable income of the lowest quintile totaled 902 thousand won, which dropped
by 0.9% from the third quarter of 2021.
- The average propensity to consume of the lowest quintile stood at 138.1%, up 8.7%p
from the third quarter of 2021.
❍ The disposable income of the highest quintile totaled 8.071 million won, which grew
by 4.2% from the third quarter of 2021.
- The average propensity to consume of the highest quintile stood at 57.3%, up 1.0%p
from the third quarter of 2021.
 <Table 5> Income and expenditure by income quintile
(Unit: 1,000 won, %, year-on-year)
Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile
(Percent) (Percent) (Percent) (Percent) (Percent)
change change change change change
Household size (person) 1.47 - 1.78 - 2.32 - 2.80 - 3.27 -
Age of household head
60.8 - 52.1 - 49.4 - 48.9 - 50.2 -
(age)
Income 1,131 -1.0 2,719 2.7 4,124 2.6 5,953 2.8 10,413 3.7
Current income 1,122 -0.9 2,702 2.9 4,091 2.4 5,884 2.4 10,135 3.2
Employee income 290 21.1 1,565 11.3 2,606 13.8 3,931 3.9 7,177 1.8
Self-employee income 152 22.5 490 13.5 814 -4.4 1,285 15.9 2,214 16.1
Property income * 7 10.5 23 72.9 27 6.6 32 50.0 64 22.0
Transfer income 674 -11.7 625 -19.6 644 -22.5 637 -23.6 681 -16.3
Public transfer 474 -15.3 426 -26.0 463 -25.1 396 -36.0 396 -26.9
Private income 200 -1.9 199 -1.1 181 -14.8 241 12.3 284 4.9
Non-current income 8 -13.6 17 -16.5 32 52.9 69 42.5 278 29.0
Household expenditure 1,474 4.5 2,334 6.3 3,276 7.4 4,552 8.8 6,964 4.7
Consumption expenditure 1,245 5.7 1,856 6.9 2,465 4.7 3,321 7.5 4,622 6.0
Non-consumption
229 -1.5 478 3.8 811 16.4 1,231 12.2 2,342 2.3
expenditure
Disposable income1) 902 -0.9 2,241 2.5 3,313 -0.3 4,721 0.6 8,071 4.2
2)
Surplus -343 -28.3 385 -14.5 847 -12.3 1,400 -12.9 3,449 1.8
3)
Surplus rate (%) -38.1 -8.7p 17.2 -3.4p 25.6 -3.5p 29.7 -4.6p 42.7 -1.0p
Average propensity to
138.1 8.7p 82.8 3.4p 74.4 3.5p 70.3 4.6p 57.3 1.0p
consume (%)4)
Note) 1. Disposable Income = Income - Non-consumption Expenditure
2. Surplus = Disposable Income - Consumption Expenditure
3. Surplus Rate = (Surplus / Disposable Income) × 100
4. Average Propensity to Consume = (Consumption Expenditure / Disposable Income) × 100
Note: Be more cautious when using data with '*' mark due to a high relative standard error (RSE).

□ In the third quarter of 2022, the average monthly consumption expenditure of the
lowest quintile amounted to 1.245 million won, which grew by 5.7% from the third
quarter of 2021. The average monthly consumption expenditure of the highest
quintile amounted to 4.622 million won, which grew by 6.0% from the third quarter
of 2021.
❍ As for the consumption expenditure of the lowest quintile, ‘Food and non-alcoholic
beverages’ occupied the largest share at 22.4%, which was followed by ‘Housing, water,
electricity and other fuels’ (15.9%) and ‘Health’ (13.1%). As for the consumption
expenditure of the highest quintile, ‘Restaurants and hotels’ occupied the largest share
at 16.4%, which was followed by ‘Transportation’ (13.6%) and 'Food and non-alcoholic
beverages' (12.6%).
 <Table 6> Consumption expenditure by income quintile
(Unit: 1,000 won, %, year-on-year)
Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile
Percent Percent Percent Percent Percent
change change change change change
Household size (person) 1.47 - 1.78 - 2.32 - 2.80 - 3.27 -
Age of household head (age) 60.8 - 52.1 - 49.4 - 48.9 - 50.2 -
Consumption expenditure 1,245 5.7 1,856 6.9 2,465 4.7 3,321 7.5 4,622 6.0
Food and non-alcoholic
279 -0.1 316 -3.9 387 -7.0 467 -7.8 584 -5.7
beverages
Alcoholic beverages and
27 -8.2 36 -4.2 44 0.3 49 -1.1 54 5.5
tobacco
Clothing and footwear 40 8.9 81 26.3 101 9.7 157 18.5 231 13.5
Housing, water, electricity
198 2.7 266 4.2 257 -3.1 314 8.8 309 -10.6
and other fuels
Household equipment and
62 13.0 75 -19.7 108 -16.3 161 -0.1 233 -11.8
housekeeping services
Health 163 5.9 170 -3.3 215 2.3 259 3.6 329 1.1
Transportation 83 -2.3 207 12.1 291 19.5 350 0.9 627 9.1
Communication 60 0.3 103 10.9 138 7.2 166 0.7 189 -1.4
Recreation and culture 66 21.8 101 15.7 148 18.5 236 36.0 354 32.2
Education 32 46.9 85 75.7 163 -2.0 352 13.4 564 1.0
Restaurants and hotels 153 10.7 289 18.3 414 21.9 556 24.9 757 26.7
Other miscellaneous goods
83 14.6 127 3.2 199 2.0 255 -2.0 390 8.2
and services