Published on : Saturday, October 15, 2016
The sales of retailers in Korea has witnessed an upward trajectory, thanks to Korea Sale Festa, the government-initiated nationwide sales event. The most to benefit from this initiative are the duty free shops.
A 10.1 percent sales increase on average compared with Oct. 1 to 11 last year was recorded, according to a Ministry of Trade, Industry and Energy survey of 54 retailers participating in the 11-day sales event that ran from Sept. 29 to Oct. 9. The government, this year, expanded the sales more than doubling and diversifying participating firms.
The retailers saw sales jump 35.8 percent compared with 2014 when there was no such government-initiated sales event.
Duty free shops benefited most from the event, as their sales soared 29.5 percent compared with a year ago, thanks to the Chinese tourists who visited Korean en masse during China’s week-long national holiday, which overlapped with the sales event here. According to Fair Trade Commission (FTC) data submitted to Rep. Je Youn-kyung of the main opposition Minjoo Party of Korea (MPK), the country’s top four duty free shops reported that over 60 percent of their total sales were to Chinese tourists.
Online shopping malls sales increased by 12.3 percent, while retail outlets witnessed a 1.6 percent increase and convenience stores a 15.8 percent.
The The sales of country’s five major department stores ― Lotte, Shinsegae, Hyundai, Galleria and AK ― also surged 8.7 percent as compared to last year and by 29.8 percent from 2014.
Home appliances was the most sought after product which saw sales surge of 48.7 percent. Garments and fashion items, meanwhile, increased only 4.9 percent due to the warm weather.
This year’s event drew much attention as it had not only retailers but also manufacturers participating.
Tags: Korea Sale Festa