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| A movie theater in Busan is empty due to concerns over the spread of COVID-19. / Yonhap |
Data shows sales plunge in duty-free shops; increase in online shopping, home activities
By Anna J. Park
Kang Dong-hyun, 31, has been recently spending much of his free time at home, canceling most previously-set dinner appointments. Kim Yu-jung, 40, a mother of two children, also stays at home most of her time with the children. She still goes to the shops to buy groceries, but her frequent visits to a kid's cafe have stopped during the past month.
Kim Hye-jeong, 33, has not visited a cinema since late January due to the concerns around COVID-19. Jung Ji-yoon, 36, who runs her own cafe in southern Seoul, says her business is experiencing the worst drop in revenue she has seen in years.
During the six weeks since the first case of the COVID-19 was confirmed in Korea on Jan. 20, daily patterns of consumption and lifestyle in Korea have changed significantly.
With the global pandemic sweeping across the nation, more and more companies are allowing their employees to work from home. The streets have become emptier, and the number of people using public transportation has plummeted. The number of subway passengers in the third week of February showed a 20 percent year-on-year decrease.
The nation's religious sects have also ceased to meet for worship to prevent further spread of the virus. The Catholic Church in Korea has halted its mass services for the first time in its 236-year local history.
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| Lotte Department Store in central Seoul temporarily closed in early February. / Korea Times file |
As the spread of the disease continues longer than first expected, various business sectors have seen a significant economic impact.
According to the Credit Finance Association, domestic credit card payments across eight major card companies, including Shinhan, Samsung, and KB Kookmin, dropped by some 45 percent in February compared to the previous month.
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The number of foreign tourists to Korea has also decreased sharply, and consequently local duty-free shops have been hit hard, with sales cut by 42 percent during the first week of February.
As people are more inclined to stay indoors so as to avoid busy public spaces, the number of cinema goers also fell by 57 percent in the third week of February, and the number of people visiting amusement parks dropped by 73.6 percent in the first week.
Specifically, sales at restaurants, department stores and large retailers have also plunged, while online shopping is seeing an increase.
Card payments at online shopping malls increased by 31.4 percent in the third week of January, and 28.6 percent the following week. Sales at convenience stores, meanwhile, are seeing an increase, as people tend to visit shops near to their homes, rather than large retailers.
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