S. Korea's private consumption grew 2.8% in 2018, fastest in 7 years

South Korea's economy has been struggling in terms of investment and employment,... but data show that last year private consumption grew at its fastest rate in 7 years.
According to the Bank of Korea, the nation's private consumption grew 2-point-8 percent last year,... up from the previous year's figure of 2-point-6 percent.
Last year's numbers mean that private consumption grew faster than the overall economic growth rate of 2-point-7 percent.
The rise was due in large part to more purchases of durable goods such as home appliances.
For instance, the record heatwave in the summer prompted people to buy air conditioners... and the fine dust pollution in the winter encouraged many to buy air purifiers.