Sunday, December 11, 2005

Korean Holiday Sales Surge--Sign of Economic Recovery?

Economy watchers in the U.S. look carefully at holiday sales as an indicator of consumer, too, in Korea.

A Chosun Ilbo article notes:
Korea’s major department stores are seeing revenues for Christmas sales grow in the double digits: a sign, industry insiders say, that domestic consumption is recovering.

Hyundai Department Store said combined revenue of seven branches in the capital area during the year-end sale from Dec. 2-10 increased 14.1 percent from last year. It seems consumers are opening their purses expecting an economic recovery due to the recent bullish stock market and hence their end-year bonus, a Hyundai staffer said.

Lotte Department Store saw sales during the same period rise 31.3 percent on-year. Shinsegae and Galleria achieved a 30.7 percent and 21.1 percent increase compared to last year.

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