The purpose of this study was to examines how consumption spending and financial structure were changed in response to changes in income faced by low-income households in 2020 by the COVID-19. The data for this study were from the 15th(2020) Korea Welfare Panel Survey and the 16th(2021) Korea Welfare Panel Survey. The results are as follows: the amounts of consumption expenditure and non-consumption expenditure decreased for low-income households with a decrease in income and household expenditures, and increased for low-income households with a decrease in income and an increases in household expenditures. The amounts of consumption expenditure in all categories decreased for low-income households with a decrease in income and household expenditures, the amounts of consumption expenditure in other categories except for cigarettes, alcohol, clothingㆍshoes, private education, and cultural entertainment increased for low-income households with a decrease in income and an increase in household expenditures. The amounts of income in all sources except public transfer decreased both for low-income households with a decrease in income and household expenditures and for low-income households with a decrease in income and an increase in household expenditures. The amounts of total asset and net asset decreased, and the amount of total liabilities increased for low-income households with a decrease in income and household expenditures, and the amounts of total asset, total liabilities and net asset increased for low-income households with a decrease in income and an increase in household expenditures. The amounts of housing asset and other asset increased and the amounts of real estate asset and financial asset decreased for low-income households with a decrease in income and household expenditures and for low-income households with a decrease in income and an increase in household expenditures. The amounts of financial institution loan and private loan increased and the amounts of credit card and lease deposits decreased both for low-income households with a decrease in income and household expenditures and for low-income households with a decrease in income and an increase in household expenditures. An average propensity to consume, surplus and a proportion of deficit households decreased, and a marginal propensity to consume, household balance and a propensity to save increased for low-income households with a decrease in income and household expenditures, while an average propensity to consume, surplus and a proportion of deficit households increased, and a marginal propensity to consume, household balance and a propensity to save decreased for low-income households with a decrease in income and an increase in household expenditures. The characteristics of the economic response behavior by low-income households with a decrease in income were generally total income, total debt, financial assets, age, householder with temporary․daily work, self-employment․unpaid family work, unemployedㆍnon-economically active, the number of householder, and the number of working member.