The bar chart compares the distribution of household expenditure across five categories in South Korea and Singapore in 2000 and 2020.
Overall, both nations saw a substantial increase in housing costs over the twenty-year period. Additionally, while “Other” expenses dominated budgets in 2000, these figures saw a marked decline by 2020 as spending shifted toward essential services like healthcare and transport.
In South Korea, the most dramatic change occurred in the “Other” category, which saw its share of the budget plummet by 22%. Conversely, healthcare spending tripled, rising from a small fraction to a significant portion of the total. Food expenses experienced a marginal dip of 4%, while transport costs saw a modest uptick, reaching 15% by 2020.
Regarding Singapore, the expenditure pattern was characterized by a sharp reduction in food and “Other” spending, which fell by 11% and 8% respectively. In stark contrast to the South Korean trend, Singaporean transport costs surged by 10%. Healthcare, meanwhile, showed the least volatility, growing by a mere 3% over the two decades.