우리나라 소비자의 피복비 지출구조 변화양상과 결정요인에 대한 종적 연구(제2보)

The Change of Clothing Expenditures and its Determinants in Korean A Time-series Analysis (Part ll)

Clothing consumption expenditure (UX) data of Korean consumers during the period of 1965 to 1993 were analyzed by time series analysis technique. According to the results of regression analysis, current income and UX of the year before showed most significant influences on the current UX. This means that the absolute and permanent income hypotheses can be accepted in case of clothing expenditures. However the effect of income decreased as the economy developed. The relative price of clothing had weak or no influence on clothing expenditures. It was also found out that CSX of the year before, the change of income, relative price of clothing ware the factors that affected clothing expenditures. From the estimation of Houthakker-Taylor state adjustment model, a negative stock coefficient was obtained. That is, clothing is subject to an inventor effect and Korean consumers regard clothing as one of the durable goods. To define whether clothing is a "luxury" or a "necessity", income and relative price elasticity of clothing expenditures were estimated. Income elasticity of clothing is slightly below 1.0 in case of national aggregate expenditures, and slightly above 1.0 in case of urban consumers' expenditures. Income elasticity has declined over time. Meanwhile the coefficient of price elasticity is not significant, indicating that the relative price of clothing have little connection with clothing expenditure.lothing expenditure.