In October 2023, the KR-ECI and the 3-month Expected KR-ECI rose to 38.5 and 41.0, respectively, marking an improvement for the second consecutive month. However, these figures remained below pre-pandemic levels. The recent government initiatives, particularly those aimed at easing the cost of living, are presently helping to alleviate household concerns about product prices and expenses (excluding debt). Going forward, households view that expenses will remain stable, possibly because the government’s stimulus measures have so far been less clear.
KResearch conducted an additional survey on anticipated household spending in the last quarter of this year. The results show that most respondents indicate their biggest expenses will be for socializing and travel (32.2%), given the high season and long holidays in December. The second-largest group of respondents expects most of their spending to be for daily necessities such as food and utilities.
For the remainder of 2023, KResearch anticipates that the KR-ECI is likely to further improve, amid government measures that will remain in effect until at least the end of the year, a domestic economic recovery driven by the tourism sector, and a potential uptick in exports. However, any improvement may still face challenges, such as geopolitical tensions, commodity price volatility and clarity of the stimulus measures, which need to be monitored.
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