The KR-ECI remained static in January 2024, and households started to be concerned about energy costs.
- The KR-ECI for January 2024 remained unchanged from that reported in the previous month at 38.8, and the 3-month Expected was still at 40.5. Households started to be worried about energy bills partly because of the gradually cuts in the government’s energy subsidies.
- An additional poll conducted by KResearch shows that the majority of households (34.3 percent) intend to avoid spending on luxury goods amid the rising cost of living, while a survey on their view towards income shows that income of most households (59.7 percent) in 2024 does not differ much from that in 2023.
- Regarding the outlook of the KR-ECI for 2024, its recovery will be more restricted as the KR-ECI’s rebound momentum has begun to stabilize, pressured by several factors, including hefty household debt and financial costs, erratic weather conditions and expected cuts of the government’s energy subsidies.
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