Clear Recovery in 'Sosang Gongin Sales'... Highest Level in 24 Weeks

Traditional Markets Recover Over 80% of Sales Compared to Pre-COVID-19 Levels
Effect of Korea's Donghaeng Sale

Source: Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 15th that the 'small business sales' showed the largest recovery in 24 weeks since the first weekly survey.

According to the small business sales data, which the Ministry has been conducting weekly since February 3 this year, the sales decline rate compared to before the COVID-19 pandemic was 29.5% as of the 13th, improving by 0.2 percentage points from 29.7% as of the 6th.

In the case of traditional markets, the sales decline rate clearly improved from 22.9% to 17.7% during the period from the 6th to the 13th, recovering to 82.3% of the sales level before the COVID-19 outbreak. This is the highest level in 24 weeks since the survey began on February 3.

By region, during the same period, recovery was notable in Gangwon (△3.3 percentage points, 30.8%→27.5%) and Busan·Ulsan·Gyeongnam (△2.5 percentage points, 31.5%→29.0%).

In particular, Jeju (△5.0 percentage points, 27.5%→22.5%) continued its recovery trend for six consecutive weeks. Daegu·Gyeongbuk (△5.9 percentage points, 20.7%→14.8%) showed the most distinct sales recovery. On the other hand, Gwangju·Honam (1.9 percentage points, 34.5%→36.4%) saw an expansion in sales decline due to a recent surge in COVID-19 cases.

By industry, the sales decline in educational services (△9.2 percentage points, 47.4%→38.2%) improved noticeably. Additionally, food-related sectors such as restaurants (△2.4 percentage points, 29.3%→26.9%) and agriculture, livestock, and fisheries products (△1.5 percentage points, 24.3%→22.8%) saw reduced sales declines.

Traditional markets showed sales recovery in all regions except Seoul. Sales in Gyeonggi·Incheon (△15.5 percentage points, 28.6%→13.1%) and Jeju (△12.1 percentage points, 27.1%→15.0%) improved significantly. Especially, traditional markets in Daegu·Gyeongbuk nearly recovered to pre-COVID-19 sales levels (92.3%).

Among the 217 traditional markets surveyed, 143 (65.9%) participated in the recently concluded 'Korea Together Sale.' Of these, 95 markets (66.4%) responded that the Together Sale event helped increase sales.

Lee Euncheong, head of the Small Business Policy Division at the Ministry of SMEs and Startups, said, "It is very encouraging that traditional market sales have recovered to over 80% compared to before COVID-19 for the first time," adding, "Through this Together Sale event, we confirmed the potential for small business success by applying digital methods such as live commerce to traditional markets, so digitalization of small businesses will be very important going forward."

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