반응형
Summary
- Domestic slowdown is causing a decline in sales for department stores, supermarkets, and small businesses in Korea.
- High interest rates and rising inflation are discouraging consumers from spending, which is having a ripple effect throughout the economy.
- The government has raised its growth forecast for this year based on strong exports, but concerns remain about the domestic economy.
- Policy support for domestic consumption and easing of high interest rates are needed to address the slowdown.
Key Points
- Department stores are seeing a particularly sharp decline in sales, as consumers cut back on spending on luxury goods.
- Supermarkets are also struggling, but grocery sales are being somewhat supported by rising food prices.
- Small businesses are facing a double whammy of lower sales and higher interest expenses on their loans.
- The slowdown is expected to drag on economic growth in the second quarter.
- The government is considering measures to boost domestic consumption, such as tax cuts and subsidies.
Additional Information
- The Bank of Korea's credit card usage data shows that the number of transactions fell 4.1% in the first quarter compared to the previous quarter, and the amount spent on cards fell 2.7%.
- Sales of electronics and home goods have fallen by more than 10%, while grocery sales have remained flat.
- The outdoor and sportswear industries are also being hit by the slowdown, with Black Yak, Columbia, and K2 all reporting double-digit declines in sales in the first half of the year.
- The Bank of Korea has raised interest rates four times this year in an effort to combat inflation.
- The government's growth forecast for this year is 2.6%, up from 2.2%.
반응형
