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http://dx.doi.org/10.5762/KAIS.2015.16.2.987

An Analysis of Single-person Households' Expenditure Pattern  

Park, Moon-Soo (Division of Service Industry Research, Korea Institute for Industrial Economics and Trade)
Chong, Hogun (Department of Forest Policy Research, Korea Rural Economic Institute)
Kim, Hwa-Nyeon (Department of Global Studies, Samsung Economic Research Institute)
Koh, Dae-Young (Division of Service Industry Research, Korea Institute for Industrial Economics and Trade)
Publication Information
Journal of the Korea Academia-Industrial cooperation Society / v.16, no.2, 2015 , pp. 987-994 More about this Journal
Abstract
This study examines how single-person household expenditure patterns are different with respect to age and income groups using Tobit model. The expenditure data of the national household survey from 2006 to 2012 were used. The results show that income elasticities of all items are greater than 1 except for food & beverage, housing, water, electricity & gas, and Communication. Income elasticities are significantly different among consuming items. Additionally the income elasticities are also different between various age and income groups of single-person households. Therefore governments and businesses have to take this into account when devising their policies or strategies regarding single-person households. Especially, businesses need to adopt a strategy targeted at single-person households with high income and buying power such as unmarried professional people. As the number of single-person household increases the proportion of expenditures on necessities such as beverage, food, and energy is expected to decrease while that on services increases. Consequently policy responses are required to prepare for the expansion of service industries such as health, hospital, and housekeeping services.
Keywords
Consumer Expenditure; Income Elasticity; Single-person Household; Tobit Model;
Citations & Related Records
Times Cited By KSCI : 2  (Citation Analysis)
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