Aftermath of the 'Timef' Incident... Customer Shift from Online to Offline

BC Card Publishes 20th Issue of 'ABC Report'

Analysis suggests that due to the settlement delay crisis of Timeff (Timon·Wemakeprice), shopping customers have shifted from online to offline.

According to BC Card's ‘ABC Report’ No. 20 on the 26th, offline shopping sales among major domestic industries last month increased by 2.5% compared to the previous month, while online sales decreased by 1.2%. Total sales in the shopping sector increased by 1.3% year-on-year and 0.6% month-on-month. By industry, sales increased month-on-month in fuel (7%), accommodation (8.4%), medical (3.8%), beverages (3.6%), education (1.2%), and restaurants (0.7%).

The proportion of online sales in total shopping had maintained over 50% from the beginning of this year until July, but it sharply dropped by nearly 1% in just one month, causing the sales share in August to fall to the 40% range. A BC Card official explained, "The increase in sales in offline shopping sectors appears to reflect a spillover benefit from the Timeff incident that occurred in July."

Looking at the proportion of online sales by age group last month, those in their 40s had the highest at 27.7%, followed by those in their 30s (23.3%), 50s (20.8%), and 20s (13.2%).

Woo Sang-hyun, Vice President of BC Card, said, "We have been publishing analytical content every month that combines real-time consumption data with various statistical data to provide indicators that can diagnose the domestic market situation over the past two years," adding, "We will continue to advance our analysis to quickly provide data on the impact of events such as interest rate cuts and international issues on the domestic market."

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