Last November Seoul Consumer Sentiment Index Down 1.7%... "Poor Performance in Non-Store Retail"

Non-store Retail Sales Down 15.0%
Continued Boom in Accommodation and Food Services Consumption
Increase in Downtown Area, Decrease Narrowed in Other Regions

[Asia Economy Reporter Hyunju Lee] The Seoul Consumer Sentiment Index decreased by 1.7% in November last year.

The Seoul Institute analyzed big data from card sales in November last year and announced the Seoul Consumer Sentiment Index on the 7th.

Retail showed a smaller decline compared to the previous month, and accommodation and restaurant sectors continued to show increased consumption following October last year. Among retail sectors, non-store retail and consumption of clothing, textiles, and footwear decreased following the previous month, but home appliances, information and communication, general retail, and culture, entertainment, and leisure shifted from a decline in October to an increase in November.

By region, the downtown area still showed favorable conditions, the northeast area remained flat, and the other areas continued to experience sluggish consumption. The consumer sentiment index by region showed a 5.6% increase in the downtown area, while the northwest area decreased by 2.0%, the southwest area by 6.2%, and the southeast area by 1.8%. However, the rate of decline somewhat narrowed.

Jodalho, Senior Research Fellow at the Citizen Economy Research Office of the Seoul Institute, explained, "Although the consumption sentiment decline was somewhat reduced due to strong consumption in accommodation and restaurant sectors, the decrease in consumer spending on clothing, textiles, footwear, and household goods, along with sluggish non-store retail, prevented the trend from escaping the downward trajectory."

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