The Bank of Korea published an issue note finding that semiconductor bonuses have begun to support domestic consumption. Following the start of bonus payments in January 2025, monthly consumption in the high-exposure regions of Icheon, Hwaseong and Cheongju was up to about 4% higher than in other regions, led by automobiles, home appliances, furniture and department store spending. The cumulative increase is projected to reach about KRW 1.7 trillion by the end of 2026, with the average annual gain in 2025–2026 equivalent to about 2% of 2025 private consumption growth. The consumption increase is estimated to have raised GDP by 0.01% in 2025 and 0.03% in 2026. With semiconductor bonus payments set to rise to about five times their 2026 level, the GDP level is projected to be 0.08%–0.12% higher in 2027 than without the semiconductor boom, adding 0.06–0.09 percentage points to annual growth. The estimates cover only consumption spillovers from bonuses paid by Samsung Electronics and SK Hynix, excluding other IT-sector wage increases, wealth effects and effects through higher government tax revenue. Future spillovers will depend on whether the boom creates jobs, whether additional income flows into consumption rather than asset markets, and whether spending broadens from high-value goods into services and other categories. The analysis calls for stronger links between semiconductor firms and domestic materials, parts and equipment suppliers, measures that channel income toward consumption and the real economy rather than real estate, and support for small and midsize enterprises and low-income households.

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