Retail industry sentiment rebounds in the third quarter due to special expectations for summer vacation and Chuseok
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In the third quarter of this year (July-September), the distribution industry's perceived economic performance is expected to improve compared to the previous quarter due to the increase in foreign tourists and the special effects of the summer vacation season and Chuseok.
In the third quarter of this year (July-September), the distribution industry's perceived economic performance is expected to improve compared to the previous quarter due to the increase in foreign tourists and the special effects of the summer vacation season and Chuseok. The Korea Chamber of Commerce and Industry announced on the 13th that, as a result of a survey of 500 retail distribution companies, the Retail Distribution Business Outlook Index (RBSI) in the third quarter was 92, up 12 points from the previous quarter (80). If the RBSI is over 100, it means that there are many companies that view the economy positively, and if it is less than that, there are many companies that view the economy negatively. The Korea Chamber of Commerce and Industry explained, “Expectations for the increase in the inflow of foreign tourists in the third quarter and the effect of consumption during the special summer vacation season and Chuseok holiday (September 24-26) were reflected.” By industry, department stores showed the highest index, rising from 115 in the second quarter (April to June) to 139 in the third quarter. It is expected that department store sales will increase due to the increase in foreign tourists shopping due to the K-culture craze and the weak won. During the same period, convenience stores rose from 85 to 127, with more positive outlook. As the third quarter is the summer vacation season, sales mainly focus on tourist attractions.
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