SEOUL, Oct. 20 (Korea Bizwire) – As Koreans have started to see holidays as simply a ‘day off’, sales at amusement parks and businesses related to traveling have greatly increased.
KB Kookmin Card analyzed big data related to the average daily sales of travel and entertainment businesses during the Chuseok holidays (Korean Thanksgiving) and the summer vacation season (July 20 to August 20) over the past six years. The results showed that sales increases during the Chuseok holidays were greater than at other times.
The industries that showed the largest sales increases were amusement parks, movie theaters and airlines.
Average daily sales at amusement parks during the Chuseok holiday in 2010 (September 21 to 23) were 6,050,000 won, but during the Chuseok holiday this year, sales almost doubled to 11,740,000 won.
Revenue at movie theaters also jumped 2.9 times from 2,480,000 won in 2010 to 7,280,000 won this year, and airline sales more than quadrupled from 8,120,000 won in 2010 to 32,700,000 won this year.
When compared with sales during the summer vacation season, sales increases for businesses in the travel and entertainment industries are significant.
Sales at amusement parks during the summer vacation season came in at an average of 9,190,000 won per day in 2010, but decreased to 8,790,000 won this year. The sales of airlines only showed a slight increase from 24,440,000 won in 2010 to 30,830,000 won this year.
In conclusion, the Chuseok holidays have come to be considered as a ‘rush’ which is as important as the summer vacation season. Amusement parks, movie theaters and airlines have all seen bigger sales increases during the Chuseok holidays than the summer vacation season.
Travel agencies, hotels and condos are also following the trend, showing slight increases over the years.
By Francine Jung (email@example.com)