Using household-level survey data (such as the Korea Labor and Income Panel Study and the Survey of Household Finances and Living Conditions), this study analyzes the structural factors driving the decline in the average propensity to consume (APC) since 2010 and decomposes the contribution of each factor. Based on this, the future trajectory is also projected. The analysis finds that increased life expectancy, pervasive economic uncertainty, and a decline in household size due to low birth rates and population aging are key structural drivers of the decline in APC. The decline is particularly pronounced among elderly households, who appear to respond more sensitively to these structural changes compared to younger age groups. Looking ahead, while the APC will depend on the level of domestic uncertainty, it is unlikely to rebound quickly from its currently subdued level.