TECHNOLOGY | Staff Reporter, Korea

Card spending in South Korea's 2020 shopping festival up 6.3%

The yearly Korea Sale FESTA drew in twice the number of companies this year.

South Korea's card spending during a massive nationwide annual shopping festival from 1-15 November rose 6.3% YoY to $33.5b (KRW37.4t), Yonhap reported based on the Ministry of Trade, Industry and Energy's statement.

The annual Korea Sale FESTA—which involves major retailers, manufacturers and traditional markets—drew a total of 1,784 companies, more than doubling from last year's participants, the ministry added.

The festival came as smaller merchants and retailers were hit hard by the pandemic, as more people refrained from visiting offline stores on concerns about virus infections.

Sales of autos rose 31.9% YoY to 7,074 units on average per day. In particular, eco-friendly cars saw their sales leap 155.7%. Over the same period, electronic goods sales jumped 39.5% to $590.85m (KRW660b).

Major retailers and e-commerce operators reported a growth in sales, with department stores seeing sales gain of 5.4% YoY. Sales at traditional markets also rose 25.5% on the back of the distribution of gift certificates.

During the festival, 3,980 companies put up their products or promoted goods on 115 overseas online sales channels in 28 nations, boosting online exports of local goods, the ministry added.

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