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Consumer Spending Data Show Hopeful Signs of Economic Recovery

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공표년도

창작년도

2009-06-22

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Amid speculation that the Korean economy has hit rock bottom and may be on the rebound some recent economic data shows that consumers are spending more on life's basic necessities.
For starters sales figures related to textiles and clothing have been on the upswing since this February.
In April production of home textiles and clothing an indicator on what people are spending on their everyday wear rose by 6.4 percent year-on-year expanding for the third straight month.
Consumers are spending more on food as well.
The country's restaurant and eatery businesses saw a 5.7 percent on-year sales growth in April which is a huge turnaround from last December's 4.3 percent contraction.
And although it may be a sign that people are choosing to save money by opting not to dine out expenditures on groceries have surged more than 15 percent in April compared to a year ago.
Meanwhile the housing market has posted mixed figures for the month of May.
While the number of apartment units sold last month across the country was the highest since May of 2008 surpassing 43-thousand the total number of transactions recorded in southern Seoul actually declined during the same period.
In markedly positive news the automotive market also saw a 15.3 percent on-year sales jump in May thanks mainly to the government's tax relief program for car buyers who have owned their previous vehicle for more than 10 years.
Looking at expenses for non-essentials consumers seem to be traveling a little more as accommodations businesses did relatively well in April citing a year-on-year sales growth of 7.8 percent.
Yet despite the good news seen in such statistics many officials seem to want to take a wait-and-see approach claiming that it is still too early to hope for the economy to recover on its own especially since the government will not likely be able to afford to pour capital in to help bolster the economy in the latter half of the year.
Choi You-sun‚ Arirang News.
Reporter : yschoi@arirang.co.kr

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