Seoul: Single-person households in South Korea have significantly reduced their spending due to the high costs associated with housing and a challenging job market, which is impacting the recovery of private consumption. According to Yonhap News Agency, the report highlights an increasing trend in the proportion of one-person households, which has risen steadily from 27.2 percent in 2015 to 33.3 percent in 2020 and reached 35.5 percent last year. This increase is attributed to factors such as delayed marriages and rapid aging. The average consumption propensity of these households has seen a 5.8 percent decline from 2019 to 2023, marking the sharpest reduction compared to other household types, with three-member households experiencing a 4.3 percent decrease and two-member households a 2.5 percent fall. The reduction in spending by one-person households is primarily driven by increased expenses related to housing, including rent and electricity bills, which now constitute the largest portion of their expend itures. Elderly individuals living alone have also cut back on spending due to the scarcity of temporary jobs available during the COVID-19 pandemic. Among one-person households, those aged 60 and older represent the largest share at 36.4 percent, followed by individuals aged 29 and younger at 18.6 percent. The BOK report notes that the rising prices over recent years have compounded the difficulties faced by single-person households, making it challenging for them to mitigate economic burdens. The report further explains that the decreased spending habits of single-person households are hindering the overall recovery of consumption in the country, as they now constitute the largest household category and their spending accounts for approximately 20 percent of the total consumption. The BOK has emphasized the need for tailored policy measures targeting different age groups to better secure stable housing, income, and job opportunities. In 2023, data showed that around 70 percent of single-person households earned less than 30 million won (US$21,378) annually, in contrast to the average annual income of 30.95 million won for all households. The state statistics agency projects that the proportion of one-person households will continue to rise, potentially surpassing 40 percent by 2052.