South Korean businesses and households are spending less and keeping more of their money in the bank

According to Bank of Korea data on Saturday, turnover for demand deposits came to 16-point-five in October, the lowest rate in nearly 31 years since the previous low of 16-point-three recorded in January 1987.

A low turnover means that households and firms are keeping their bank deposits without spending the money. 

The sudden plunge in the October rate is partly attributed to the long Korean thanksgiving Chuseok holiday.

But a more fundamental reason is that economic players are reluctant to invest and spend money in general.