Grandparents drive school spending

Those in their 50s and above are becoming big spenders for their grandchildren. / Yonhap

By Kim Bo-eun

Grandparents are spending up big for the coming school semester.

Retailer Gmarket said Thursday those 50 and above had led growth in the purchase of gifts and supplies for the semester in the period between Feb. 1 and Feb. 24.

Schoolbag purchases among consumers in their 50s and above grew 50 percent on the same period last year. Total sales of schoolbags grew 9 percent.

Sneaker purchases in the same consumer group rose 32 percent, outperforming total purchases at 20 percent.

Sales of memo pads and notebooks, pencils, erasers and pencil cases, and art supplies also grew among the consumer group by 4.5 percent, 26 percent and 30 percent respectively.

Total sales of lost-child prevention accessories grew 10 percent, whereas purchases by those in their 50s and above grew 44 percent, the largest increase among all age groups.

“As more and more grandparents show exceptional affection for their grandchildren as more of the former raise the latter in place of their working parents, expenditures by older consumers for their grandchildren is expected to continue to grow,” a Gmarket official said.