TY  - JOUR
T1  - Understanding credit card usage behavior of elderly korean consumers for sustainable growth: Implications for Korean credit card companies
A1  - Jung, Kwon
A1  - Kang, Moonyoung
Y1  - 2021///
KW  - Aging society
KW  - Chi-Square
KW  - Credit card usage behavior
KW  - Elderly consumer
KW  - Korea
KW  - New market segment
KW  - Silver economy
KW  - Sustainable growth
KW  - Target marketing
KW  - consumer
JF  - Sustainability (Switzerland)
VL  - 13
IS  - 7
DO  - 10.3390/su13073817
L1  - file:///E:/jurnal/2023/j of economics and business/paper/Kwon 2021 Understanding_Credit_Card_Usag.pdf
N2  - The Republic of Korea is the fastest aging country in the world, and its silver market, which is the market segment broadly defined as senior citizens, began to emerge in 2008 as Korean baby boomers started to retire. Given that the assets of households headed by individuals 55 years of age and over are much higher than those of average Korean households, it is essential for Korean financial institutions targeting elderly consumer groups to understand their credit card usage behavior, as it can be very attractive and provide the potential to lead to sustainable growth for institutions, while the market targeting for this group has not been well developed yet. This study examined elderly Korean consumers’ credit card usage behavior in terms of key demographic variables. In this study, we found that the number of cards owned was negatively related to age and positively related to income level. In addition, those who were not retired owned more credit cards than those who were. Although the average monthly expenditure by credit cards was positively related to income, it was not significantly different in terms of age or retirement status. The findings from this research provide significant implications for marketers of credit card companies when searching for key target groups, particularly elderly consumers.
ER  -