98% of Small Business Owners Report Sales Decline Due to COVID-19

Due to the impact of the novel coronavirus infection, the Myeongdong shopping street in Seoul is showing a quiet scene despite it being the weekend on the 9th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Hyewon] It was revealed on the 11th that 97.9% of small business owners experienced a decrease in sales following the spread of the novel coronavirus infection (Wuhan pneumonia). This means that more than 9 out of 10 small business owners suffered a decline in sales.

According to the results of the 'Survey on the Status of Small Business Owners Related to the Novel Coronavirus,' conducted by the Korea Federation of Small and Medium Business from the 4th to the 10th, among 1,096 small business owners surveyed, 97.9% (1,069 respondents) answered that their business sales decreased after the novel coronavirus outbreak.

When asked about the rate of sales decrease after the novel coronavirus outbreak, 'a decrease of more than 50%' was the highest at 44% (480 respondents), followed by 'a decrease of 30-50%' at 27.2% (296 respondents).

Regarding changes in the number of visitors to their businesses during the same period, 66% (721 respondents) answered 'greatly decreased,' and 31.5% (344 respondents) answered 'decreased,' totaling 97.5% who responded that visitors 'greatly decreased or decreased.'

The main cause of the decrease in visitors was 'indefinite postponement or cancellation of various meetings, events, and travel,' accounting for 61.4% (667 respondents).

When asked about the policies small business owners need in relation to this situation, the largest number, 51.8% (561 respondents), chose 'early execution of the budget for small business management stabilization funds.' This was followed by 'developing realistic support policies through a full survey of affected small business owners' (43.2%, 468 respondents), and 'implementation of special guarantee measures for low-credit small business owners' (22.9%, 248 respondents).

A representative from the Korea Federation of Small and Medium Business stated, "Due to the impact of the novel coronavirus, domestic and international consumers are increasingly reluctant to travel and go out, directly affecting offline small business owners. Urgent financial support is needed, and measures to improve the hygiene level of small business stores are also necessary."

This content was produced with the assistance of AI translation services.