The Independence Day event hosted by the government also caused a 11.4 billion consumption expenditure, and the employment of 148 people. (image: Kobiz Media)
SEOUL, Aug. 25 (Korea Bizwire) – It turns out that the Sinbaram Festival celebrating the 70th anniversary of independence, the designation of a temporary holiday, and the early Korea Grand Sale have had a great influence on the depressed economy.
The Korea Economic Research Institute published a report analyzing the effects of the events that occurred from August 14 to 16.
According to the report, consumer expenditures for the Sinbaram Festival were 61.9 billion won. In addition, 781 were employed for the event.
The designation of a temporary holiday resulted in an increase in the number of people who traveled. A total of 5.18 million cars traveled the highways on August 14, which was the start of the holidays. Also, the number of express bus and train passengers increased by 8.9 percent and 12.2 percent respectively compared to the previous week. The increase in the number of travelers lead to consumer expenditures of 731.6 billion won.
In addition, the early start of the Korea Grand Sale lead to an increase in sales. Sales at department stores and large retailers increased 6.8 percent and 25.6 percent respectively compared to sales the week before. Consumer expenditures totaled 980.6 billion won.
The Independence Day event hosted by the government also caused a 11.4 billion consumption expenditure, and the employment of 148 people.
According to a recent report from the National Statistical Office, the average propensity to consume during the second quarter was 71.6 percent, which was a 1.7 percent point drop compared to the same period last year.
Due to the outbreak of MERS, the tourism market had been frozen since June, but recent actions seem to have had a great effect on the domestic market.
By Francine Jung (francine.jung@kobizmedia.co.kr)
