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Recession-type surplus, reducing spending rather than increasing income
Household income that barely rises in the disaster subsidy
[천지일보=김누리 기자] It was found that the household surplus last year, which suffered severe difficulties due to the novel coronavirus infection (Corona 19), reached a record high. Rather than earning more in the face of growing economic difficulties, it is a’recession-type surplus’ caused by household spending cuts.
According to the results of the household trend survey conducted by the National Statistical Office on the 22nd, last year, the surplus rate of households nationwide (two or more) was ▲32.9% in the first quarter ▲32.3% in the second quarter ▲30.9% in the third quarter ▲30.4% in the fourth quarter. All exceeded 30%. Only five times have recorded such a quarterly surplus in the household trend survey conducted since 2003. Except for one 30.3% in the fourth quarter of 2016, all records occurred last year.
The amount of income excluding non-consumption expenditures such as taxes, pensions, social insurance premiums, and interest expenses is called disposable income. The surplus amount is the amount excluding daily spending on food, clothing, and shelter. The surplus rate is the share of the surplus in disposable income.
In the end, the reason the household surplus reached the highest level last year is not the result of a recession-type surplus that was caused by not spending money or not spending more money.
The greater the fear of falling income, the greater the breadth of consumption expenditure. Expenditures contracted even more as the demand for preliminary savings in preparation for the instability of future income and the mechanical decrease in current income decreased. This was most noticeable in the first quarter of last year, which recorded the highest surplus.
The average monthly income per household increased by 3.7% to 5.358,000 won, but household expenditure decreased by 4.9% to 3945,000 won. The average household income increased by 4.8% in the second quarter, 1.6% in the third quarter, and 1.8% in the fourth quarter. Household spending decreased by 2.2% in the third quarter and 0.1% in the fourth quarter, except for an increase of 1.4% in the second quarter.
In the case of the Corona 19 crisis, compared to the past economic crisis, the average household income was also different. This seems to have had a significant impact on the universal and selective disaster subsidies provided by the government. The average household income has’barely’ increased, but the surplus rate has risen as expenditures have fallen significantly.
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