South Korean households' willingness to spend fell to the lowest level last year.
 
Statistics Korea said in a report Friday that the average consumption propensity last year stood at 71-point-nine percent, down by one percentage point in 2014.

This means that on average, Korean households wanted to spend only 719-thousand won out of one million won disposable income last year. It is the lowest amount since 2003 when the state agency began to compile related data. 

The average propensity to consume has been falling continuously since posting 76-point-seven percent in 2011.

Meanwhile, the average monthly disposable income for South Korean households, which excluded taxes and social insurance fees, amounted to three-point-563 million won last year, up by one-point-nine percent from 2014.

Their average expenditures, however, rose by a half percent to two-point-563 million won. 

Consumer spending on liquor and tobacco grew nearly 19 percent due to the rise in cigarette prices while housing, water, electricity and heating prices jumped four-point-eight percent with the rise in monthly rent costs.
 
Meanwhile, consumer spending on clothing and footwear shrank four-point-four percent while spending on transportation slipped three-point-seven percent amid low oil prices.
 
The statistics agency found that the average propensity to consume receded in all income brackets except for those between the top 21 and 40 percent.