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On the 4th, Lotte department store in Sogong-dong, Jung-gu, Seoul, is busy with shoppers. [이승환 기자] During the last day, goods worth 148 million won were sold at the ‘Nike Taxi Store’ located in the Giheung Branch of Lotte Premium Outlets. 84% more than in the same period last year, family customers who came to the suburbs bought many sneakers and leggings. The Hyundai Department Store Daegu branch sold the trawl products for spring and summer the same day at the Tommy Hilfiger Group Daejeon. As the number of customers wishing to purchase spring clothing accumulated as the number of outlets became more frequent, the Hyundai Department Store sold over 80 million won for just 3 days at this event. This is a figure that exceeded the target by 150%.
During the first golden holidays after the Corona 19 crisis, sales from major retailers, including three department stores, suburban outlets, and convenience stores, recovered from the same period last year since the end of January, when the crisis Corona 19 started in earnest. According to an analysis, consumers who saved money because they couldn’t travel abroad bought many products, such as household appliances and luxury goods abroad, and even a major discount event in the distribution industry, leading to a recovery in consumption . The effect was also reflected that the consumption of the new semester was deferred from February to May before the start of school.
According to Lotte Department Store on 4, sales from 30 to 3 last month, which began the holidays, increased 9.2% compared to the same period last year (2-5 May). In contrast, sales in the first week of March fell 42% year-on-year and 19% in April compared to the same period last year. The reason for last year is not surprising, as the number of vacations decreased by two days compared to the end of the year vacations compared to this year, but it is significant because sales decreased significantly since Corona 19 recovered. Hyundai department stores also recovered 8.8% in sales during the same period, 32% in March and 10% in April. Sales at Shinsegae department stores also increased by 13.3% during this period. It is encouraging compared to -31% in March and -18% in April. Top-tier advertising of sales growth is a suburban outlet. Lotte Outlets sales from April 30 to May 3 increased 41.7% yoy and Hyundai Outlets also increased sales by 25.7%. A Lotte department store official said: “The number of customers visiting the establishment during the holiday season has increased to more than before Corona 19, so there are long lines in the parking lot. “It seems”.
By product category, sales of ‘home appliances’ and ‘luxury goods abroad’ increased significantly. Appliance sales increased 39% at Lotte Department Store and appliance division sales increased 62.4% at Hyundai Department Store. An official at Hyundai department store said: “The government appears to be increasing demand for appliance replacement due to the implementation of the government’s first reimbursement of the cost of purchasing efficient appliances.” Fashion sales abroad also increased. During the same period, overseas fashion sales for Lotte Department Store increased by 29%, Hyundai’s Department Store 35.7% and Shinsegae Department Store 34.6%.
The phenomenon of revenge consumption also appeared in convenience stores. In particular, sales of stores near tourist attractions, amusement parks, and parks were outstanding. GS25, the industry No. 1, compared sales of major commercial stores across the country the weekend of the first week of May (2-3 days) with the golden holidays compared to the same period of the year past. On the first weekend in April (4-5 days), the store in Sokcho, Gangwon, which sold 25.3% less than last year, rose 2.9% the first weekend in May. At CU, sales at the Hanok Village store in Jeonju, which is in the midst of the golden holidays, from May 1 to 3, increased 88% compared to the previous year. This is the result of the increase in the number of people leaving the city center and looking for vacation spots during the vacation season. From May 2 to 3, GS25 sales in downtown areas such as Seoul Yeoksam (-4.9%) and Hongdae (-37.3%) decreased from last year.
The revenge consumption phenomenon was prominent in the outdoor clothing and supplies market, and the hotel industry also had a remarkable recovery in reserves. Hotel A had a weekend stay close to 50%, and the Jeju area recorded a stay of 80%.
Meanwhile, during the Golden Holiday, domestic demand from airlines recovered by 60%.
According to the air statistics of the Ministry of Lands, Infrastructure and Transport of 4, the number of domestic passengers in the week of April 5 was 890,174. This is an increase of 48.3% compared to 600,306 people in the fourth week of April, just before the owner. During the same period, five major low-cost airlines (LCC) (Jeju Air, Jin Air, Tway Air, Air Busan, and Air Seoul) increased 58.4% to 54.2188. The V-shaped rebound is estimated to have been successful, reaching 88.9% in the last week (60.9863 people) the year before Corona19. This is because the demand for Jeju travel has increased significantly due to special holidays in the last week of April. Last week, the number of domestic passengers at Jeju airport was 39,411, 50.1% more than Jeonju (26,187).
Corona 19 has really entered a phase, and the demand for outside activities, which has been pressured, is expected to show a modest increase in domestic passenger demand.
Hee-Young Huh, a professor at Aviation University, said: “Domestic flights are usually within 10% of airline sales.” Said.
However, there is an analysis in the industry that it remains to be seen whether the gold holiday special will lead to a recovery in real consumption. It is said that we can expect a rebound in full consumption after the Corona 19 situation is fully resolved.
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