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People are spending more to stay happy, healthy, beautiful, Shinhan Card report finds

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Women move in a group as they enjoy a recreational activity during an event hosted by the Korean Seoul Senior Citizens Association at Hyochang Stadium in Seoul's Yongsan District, June 4. Yonhap

Women move in a group as they enjoy a recreational activity during an event hosted by the Korean Seoul Senior Citizens Association at Hyochang Stadium in Seoul's Yongsan District, June 4. Yonhap

By Yi Whan-woo

People are spending more to live healthier, both physically and mentally, as well as to look younger. They are also looking to get old at a slower pace as Korea turns into an aging society, data showed Monday.

Data compiled by Shinhan Card utilizing its advanced big data technology found that a number of sports facilities, ranging from fitness centers to indoor tennis courts, joined the card firm's payment network between the fourth quarter of 2019 and the same quarter of 2023 and saw increases in sales.

The number of fitness centers in the firm's network was 44 percent higher than in the same quarter of 2019. The number of yoga studios and Pilates studios surged 90 percent during the same period, and indoor tennis courts saw their numbers increase by a whopping 213 percent.

"The consumer spending at each of the facilities increased over the cited four years in accordance with the increase in their numbers," Shinhan Card explained.

It noted that spending increased by 37 percent at fitness centers, 47 percent at studios for yoga and Pilates and 815 percent at indoor tennis courts.

The number of mental health-related businesses part of Shinhan Card's payment network system also grew.

Over the 2019 to 2023 period, the number of counseling centers increased by 44 percent, while that of psychiatry clinics grew by 31 percent.

Concerning the number of payments made, psychiatry clinics posted a 167 percent growth.

Regarding beauty, the number of skin care shops and spas went up 35 percent, while that of hair and scalp care shops jumped 36 percent.

For skin care shops and massage spas, the number of customers aged 60 or older grew 70.5 percent, which was the highest of all age groups.

The number of plastic surgery clinics increased 11 percent over the 2019-2023 period.

"These spending patterns indicate that people are increasingly taking care of themselves for physical and mental well-being in an aging society," the firm said.

Yi Whan-woo yistory@koreatimes.co.kr


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