RoK: major retailers post sales growth during long Chuseok holiday

15:50 | 11/10/2017 Global Economy

The Republic of Korea (RoK)'s large retailers posted solid sales before and during this year's Chuseok holiday, helped by all-out marketing efforts to attract customers, according to Yonhap news agency.

Major retailers post sales growth during long Chuseok holiday of RoK - Source: YonhapNews

Data provided by local retailers showed double digit growth by some companies as the country celebrated the longest holiday in decades.

Chuseok, or the Korean autumn harvest celebration, from September 11 to October 9, is one of the most important festivals in the country, along with Lunar New Year. During the holiday, people visit their hometowns to pay respect to their ancestors and meet their families and friends.

Lotte Department Store said sales during the festival moved up 3.7 percent on-year, with demand for both budget and high-end gifts going up compared to the year before.

The leading retailer reported that gift sets exceeding 1 million won (870 USD) sold out very quickly. It added that overall demand for various packages comprised of fruits and processed food advanced 9.5 percent compared to the previous year. Many people came shopping to take advantage of various discounts and promotional events that coincided with the occasion.

Theo VNA