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World Traveler
Joined: 29 May 2009
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 Posted: Mon Feb 11, 2013 10:59 pm Post subject: |
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No_hite_pls, the record declines happened in 2013, not 2012. The stats were comparing January 2013 to December 2012.
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Sales at South Korea�s top department stores and discount shops fell sharply last month, renewing concerns about the country�s fragile economic recovery.
The weak data were a blow to hopes that Asia's fourth-largest economy had bottomed out, and came soon after leading exporters warned of a darkening outlook for the coming months. |
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goreality
Joined: 09 Jul 2009
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| Posted: Tue Feb 12, 2013 5:25 pm Post subject: Re: S. Korea economy may fall further |
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| No_hite_pls wrote: |
| World Traveler wrote: |
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| SEOUL: South Korea has warned that its economy may have further to fall after estimating record declines in sales at top department and discount stores last month, emphasising the severity of headwinds now facing Asia's fourth-largest economy. |
http://biz.thestar.com.my/news/story.asp?file=/2013/2/8/business/12686836&sec=business
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Sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae fell by 8.4% from a year earlier, the finance ministry estimated in a monthly report, compared with a 0.2% decline in December and marking the biggest decline going back to 2005.
Sales at the country's top three discount store chains last month also fell by a record 24.3% from a year earlier, according to the estimates, compared with a 5% decline in December.
The data highlights weak prospects for South Korea in the first quarter as feeble private consumption at home adds to challenges facing exporters. - Reuters |
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How does this mean that the Korean economy may fall further? It just means that people don't want to shop at over priced stories anymore.
Korea's GNP growth rate was 2.1% in 2012 almost triple Canada's in 2012.
http://www.tradingeconomics.com/canada/indicators |
South Korea grew at 2.7 andCanada grew at 1.9%
http://en.wikipedia.org/wiki/List_of_countries_by_real_GDP_growth_rate
Either way looking at growth really says nothing about the health of the economy, look at all the 'powerhouses' at the top of the list. People have been over optimistic about Korea's future because the last few decades have been remarkable.
Korea's export economy is very different than Canada's, being much more vulnerable to consumer trends and global competition and their economy is even more reliant on it. |
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joelove
Joined: 12 May 2011
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| Posted: Tue Feb 12, 2013 5:52 pm Post subject: |
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| newb wrote: |
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| I never get it why local dpt. stores think they're so exclusive that they can overcharge on almost everything. |
Koreans believe that if you pay more, it must be better. Thus, the department stores developed a marketing strategy to blindly jack-up the price 2, 3, 4, 5,....10 times the normal price as their product is still selling like a hotcake. |
I guess there are enough people who will spend more just because they can or out of vanity. I went into a dollar store (in Canada) recently and got some stuff I could have paid much more for elsewhere. I believe some people would be too proud or snobbish to even go into those stores, though you can get the exact same thing sometimes for a lot cheaper.
Also, once in a Hyundai dept. store I saw juice for 67,000 won I believe. |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Tue Feb 12, 2013 6:48 pm Post subject: |
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| joelove wrote: |
| newb wrote: |
| Quote: |
| I never get it why local dpt. stores think they're so exclusive that they can overcharge on almost everything. |
Koreans believe that if you pay more, it must be better. Thus, the department stores developed a marketing strategy to blindly jack-up the price 2, 3, 4, 5,....10 times the normal price as their product is still selling like a hotcake. |
I guess there are enough people who will spend more just because they can or out of vanity. I went into a dollar store (in Canada) recently and got some stuff I could have paid much more for elsewhere. I believe some people would be too proud or snobbish to even go into those stores, though you can get the exact same thing sometimes for a lot cheaper.
Also, once in a Hyundai dept. store I saw juice for 67,000 won I believe. |
Some people feel superior when telling others, "I bought this 67,000 won juice from hyundai/lotte/shinsagae department store." |
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