arirang news

Questions raised whether long Chuseok holiday could boost domestic consumption Updated: 2017-10-01 12:14:07 KST

To buy or not to buy, that is the question that many consumers have to ponder when spotting a new pair of shoes or the latest VR headsets during the annual Korea Sale Festa.
This year, the festival features the most number of participating retailers and department stores to date, aiming at boosting the country's sluggish domestic consumption.
Last year, the annual shopping extravaganza helped boost the country's GDP by zero.three percent.
A similar event held in 2015 helped create economic benefits of an estimated 4-and-a-half-billion U.S. dollars during a five-day holiday.
But it's uncertain whether this year's sales event could help boost domestic consumption.
The long holiday period may represent a golden opportunity for retailers and businesses in the service and tourism sectors, but already more than a million Koreans are expected to spend the long break overseas.
With the country's household debt reaching one.two-trillion U.S. dollar, and recent government data showing that consumer sentiment have dropped for the second consecutive month in September, it may take more than a nationwide discount event to lift holiday spirits.
To get to the root of the sluggish domestic consumption problem, the government has said it will lay out a comprehensive set of measures right after the Chuseok holiday to tackle the household debt conundrum.
Kim Ji-yeon, Arirang News.
KOGL : Korea Open Government License
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