South Korean retailers experienced a burst in consumption during the so-called ‘golden holiday’ spanning six days from the end of April to early May.
Lotte Department Store, one of the country’s major department-store chain operators, reported a 3.2-per-cent increase in sales during the holiday compared to the same period last year.
Sales of brand-name products, in particular, jumped by 22 per cent, while home appliance sales were up by 34 per cent, leading the overall uptick in sales.
Meanwhile, Shinsegae Department Store and Hyundai Department Store also saw 7.5-per-cent and 2.6-per-cent sales growth, respectively, compared to last year.
Industry analysts have cautioned, however, that the holiday sales numbers are likely just a blip amidst an overall downward trend in the retail industry brought on by the coronavirus outbreak.
- This story originally appeared on Korea Bizwire.