An analysis has recently come out that the sluggish private consumption has been greatly affected by bad weather.
According to the report titled “Evaluation of Momentum for Private Consumption Recovery” released by the Bank of Korea today (28th), private consumption in Korea during April-July of this year decreased by around 0.5% on average compared to January-March.
In particular, consumption of semi-durable goods related to face-to-face activities, such as clothing and shoes, and consumption of services such as food, lodging, and ground passengers, decreased markedly.
In this regard, the Bank of Korea analyzed that temporary factors such as weather as well as the so-called ‘pent-up effect’ slowdown, which means that consumption delayed by Corona 19 rapidly revives, appear to have played a large role.
In fact, it was estimated that domestic private consumption increased by around 0.2% on average from January to March, excluding items that are particularly affected by the weather.
For this reason, the BOK predicted that the trend of recovery in private consumption would resume in the future when temporary factors such as the weather disappear.
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2023-08-28 01:41:00
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