Analysis of Leisure Expenditure and Policy Implications: Using Korean Urban Households Data
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This paper analyzes a household’s leisure expenditure by exploring data on Korean urban households and provides policy implications. Among the major findings from quantitative analyses are the significant correlations between leisure consumption and disposable income, and between leisure consumption and the relative price of leisure. It is noteworthy that the income and price elasticities of leisure expenditure differ across household groups with different levels of income. In contrast, an institutional change such as the introduction of a five-day workweek and the shock of an economic crisis appear to be unrelated to leisure expenditure. Policy implications based on these findings are provided.