Sales Recovery Trend of Small Business Owners in Daegu and Gyeongbuk Regions

Source: Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 10th that the sales recovery of small business owners in the Daegu and Gyeongbuk regions, which were severely affected by the novel coronavirus infection (COVID-19), is clearly evident.

According to the weekly sales survey of small business owners conducted by the Ministry of SMEs and Startups, the sales decline rate in the Daegu and Gyeongbuk regions decreased by 21.1 percentage points, from 43.3% on the 1st of this month to 22.2% on the 8th. By region, the Daegu and Gyeongbuk areas showed the most significant recovery.

The figures were as follows: 'Gwangju and Honam' 6.6 percentage points (39.0% → 32.4%), 'Daejeon and Chungcheong' 6.5 percentage points (35.6% → 29.1%), 'Seoul' 5.6 percentage points (38.6% → 33.0%), 'Gyeonggi and Incheon' 5.4 percentage points (44.9% → 39.5%), and 'Gangwon' 5.1 percentage points (35.9% → 30.8%).

By industry, the sales decline rates eased in the following order: 'Tourism, leisure, and accommodation' 14.7 percentage points (65.8% → 51.1%), 'Agriculture, livestock, and fisheries products' 7.9 percentage points (30.6% → 22.7%), 'Clothing, footwear, and cosmetics' 6.4 percentage points (31.8% → 25.4%), 'Restaurants' 6.1 percentage points (34.8% → 28.7%), 'Processed foods and general retail' 4.9 percentage points (34.9% → 30.0%), and 'Educational services' 2.1 percentage points (48.4% → 46.3%).

The Ministry of SMEs and Startups has been surveying sales changes weekly since February 3rd this year, targeting about 300 small business sites and around 220 traditional markets. Regarding requests to the government for overcoming COVID-19, the responses were 'Support for publicity and marketing expenses' (26.7%), 'Expansion of small business owner-exclusive gift certificates' (21.6%), 'Expansion of joint events such as local festivals' (18.7%), and 'Support for online sales' (9.2%) in that order.

Minister Park Young-sun of the Ministry of SMEs and Startups said, "During the weekend, I felt that vitality was being restored as I toured traditional markets and shopping streets," adding, "This seems to be influenced by emergency disaster relief funds and Onnuri gift certificates." Minister Park also stated, "To continue this recovery trend in neighborhood commercial districts' sales, we plan to continuously implement measures to boost nationwide consumption, starting with the Korea Together Sale."

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