ID :
35864
Tue, 12/16/2008 - 15:00
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http://m.oananews.org//node/35864
The shortlink copeid
S. Korea's discount store sales rebound in Nov By Lee Joon-seung
SEOUL, Dec. 16 (Yonhap) -- South Korea's discount store sales edged up in November thanks to the onset of cold weather and gains in grocery shopping, ending months of downturn, the government said Tuesday.
The combined sales of the nation's top three discount stores moved up 2.3 percent
year-on-year during the cited month from the 0.7-percent dip reported for
October, according to the Ministry of Knowledge Economy.
Sales at retail outlets have been in negative territory since the September
global financial turmoil dampened consumer sentiment.
Groceries, which account for a sizable part of sales at discount outlets, rose
5.8 percent last month from a year earlier, while those for household, sports and
miscellaneous goods all moved up 1-5 percent, according to the ministry.
The rise in grocery sales was mainly attributed to families buying ingredients to
make kimchi before the start of winter. The spicy side dish eaten with almost
every meal is usually made in November and preserved over the winter. Cold
weather also helps fuel demand for winter sports-related products.
For department stores, sales jumped 7.5 percent from October 2007, as demand for
luxury goods, miscellaneous items and groceries surged by double digits. Sales of
luxury goods soared 31.9 percent, according to the ministry.
The gains mark the first time department stores have posted growth since August,
it said. In September, sales decreased 0.3 percent on-year, while no growth was
tallied for the following month.
The ministry said that while overall numbers have improved, concerns about the
overall economy have caused people to cut back on durable and quasi-durable
goods, including such items as consumer electronics and clothing.
The monthly report is based on sales figures obtained from Lotte, Shinsegae and
Hyundai department stores, along with comparable figures from Lottemart, E-mart
and Homeplus discount stores. The report is used as one of the key indicators of
South Korea's consumer sentiment.
yonngong@yna.co.kr
(END)
The combined sales of the nation's top three discount stores moved up 2.3 percent
year-on-year during the cited month from the 0.7-percent dip reported for
October, according to the Ministry of Knowledge Economy.
Sales at retail outlets have been in negative territory since the September
global financial turmoil dampened consumer sentiment.
Groceries, which account for a sizable part of sales at discount outlets, rose
5.8 percent last month from a year earlier, while those for household, sports and
miscellaneous goods all moved up 1-5 percent, according to the ministry.
The rise in grocery sales was mainly attributed to families buying ingredients to
make kimchi before the start of winter. The spicy side dish eaten with almost
every meal is usually made in November and preserved over the winter. Cold
weather also helps fuel demand for winter sports-related products.
For department stores, sales jumped 7.5 percent from October 2007, as demand for
luxury goods, miscellaneous items and groceries surged by double digits. Sales of
luxury goods soared 31.9 percent, according to the ministry.
The gains mark the first time department stores have posted growth since August,
it said. In September, sales decreased 0.3 percent on-year, while no growth was
tallied for the following month.
The ministry said that while overall numbers have improved, concerns about the
overall economy have caused people to cut back on durable and quasi-durable
goods, including such items as consumer electronics and clothing.
The monthly report is based on sales figures obtained from Lotte, Shinsegae and
Hyundai department stores, along with comparable figures from Lottemart, E-mart
and Homeplus discount stores. The report is used as one of the key indicators of
South Korea's consumer sentiment.
yonngong@yna.co.kr
(END)
