SEOUL, Nov. 2 (Korea Bizwire) — South Koreans in their 20s and 30s are turning from golf to hiking amid high inflation.
Growth of outdoor gear revenue generated by those young people has outpaced the growth of golf revenue since September, according to industry sources.
For Hyundai Department Store, the golf revenue generated by those in their 20s and 30s grew by 28.9 percent in September and October year on year, lagging far behind outdoor gear revenue growth of 69.9 percent.
Lotte Department Store saw the age group’s golf revenue grow by 10 percent during the period, compared to a 25 percent increase in outdoor gear revenue.
Shinsegae Department Store marked growth of 11.6 percent in golf revenue and 14.1 percent in outdoor gear revenue.
Industry experts said that sales of outdoor brands tend to increase in times of high inflation and economic hardships.
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