US Gun Sales Increase 32% Year-on-Year... Impact of Spreading Social Unrest

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] From January this year to last month, the total number of firearms sold in the United States increased by more than 30% compared to the same period last year. In the U.S., firearm sales have significantly increased since the outbreak of the novel coronavirus disease (COVID-19), and with the spread of social unrest such as racial discrimination protests, sales are expected to rise even further.

According to MarketWatch on the 2nd (local time), FBI statistics show that from January to last month, a five-month period, firearm sales in the U.S. totaled 15,250,460 units, a 32.06% increase compared to 11,547,389 units during the same period last year. Sales in May alone were recorded at 3,091,455 units. Previously, firearm sales in the U.S. reached 3,740,688 units, the highest since the FBI began providing data in 1998.

The surge in firearm sales in the U.S. is known to be due to the COVID-19 pandemic. Following the pandemic and prolonged lockdown measures, concerns over the absence of public authority led to a significant increase in firearm sales. Additionally, with recent racial discrimination protests spreading nationwide and social unrest growing, firearm demand is expected to increase further.

Stock prices of firearm manufacturers are also fluctuating wildly. According to The Wall Street Journal (WSJ), the stock price of Smith & Wesson, a firearm manufacturer, rose 15.1% on the 1st, and the stock price of another firearm manufacturer, Sturm, Ruger, also increased by 9.4%. Steve Sosnick, chief strategist at Interactive Brokers, explained, "People are paying attention to news about racial discrimination protests, and expectations are growing that firearm demand will increase."

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