The biggest drop in business income in the 40s...a direct hit to sluggish domestic demand

Business income for self-employed people in their 40s fell the most in the third quarter after they began compiling related statistics amid a prolonged slump in domestic demand, the report showed.

According to the National Statistical Portal of the National Statistical Office, the business income of households in their 40s fell 13% in a year to 1,074,000 won in the third quarter.

This is attributed to the fact that one in five self-employed people in their 40s is engaged in wholesale and retail business amid a prolonged slump in domestic demand centered on the consumption of goods.

In addition, many self-employed people in their 40s have just quit their wage positions and started their businesses, making them more vulnerable to drafts such as high interest rates and sluggish domestic demand than those in their 50s, whose business is relatively stable.