First Publication of 'ABC Report' to Identify Sales Increase and Decrease in Major Consumer Industries
[Asia Economy Reporter Minwoo Lee] A survey revealed that the pub industry showed the highest sales increase in January this year compared to the same month last year among major domestic consumer sectors. This appears to be due to a significant rise in sales in indoor consumption-related sectors following the lifting of mandatory mask-wearing.
On the 20th, BC Card analyzed sales increase and decrease trends in major domestic consumer sectors and published the 'ABC Report' for the first time, providing this analysis.
The report compared sales figures for January this year with those of the previous month and the same month last year. To analyze the impact and scale of the COVID-19 pandemic on industries, data comparing the same periods were also temporarily provided.
The survey results showed that compared to January last year, when social distancing and mandatory mask-wearing were in effect, consumption in sectors related to indoor mask removal, such as pubs and culture (movie theaters, performance tickets), increased significantly. Specifically, pubs (115.5%), culture (55.9%), transportation (42.1%), and restaurants (11.5%) ranked in that order.
Compared to January 2020, before the spread of COVID-19, many sectors still lagged behind. While pubs showed significant growth compared to the same month last year, they were still down 16.2% compared to January 2020. The culture and transportation sectors also fell by 27.6% and 29.1%, respectively, compared to pre-COVID-19 levels. On the other hand, the sports sector rose 23.0% compared to before the pandemic. The beverage (18.8%) and restaurant (5.8%) sectors also recovered.
Meanwhile, in January this year, consumption decreased across all sectors compared to the previous month. This is interpreted as a base effect due to the year-end consumption boom.
The report is composed of sales increase and decrease data by reclassifying sales generated in major domestic sectors into large categories (7) and medium categories (13), then comparing them with specific points in time. It is published through BC Card's New Finance Research Institute content channel at the beginning of each month.
The large categories are ▲Education ▲Transportation ▲Leisure ▲Shopping ▲Food & Beverage ▲Pet/Culture ▲Medical. The medium categories are subdivided into 13 fields: ▲Transportation (transport, fuel) ▲Leisure (accommodation, sports) ▲Shopping (offline, online) ▲Food & Beverage (restaurants, beverages, pubs) ▲Pet/Culture (pet, culture) ▲Medical, etc.
Since domestic consumption sharply contracted starting from March 2020, when cluster infections and other damages began to spread in earnest, it is explained that the impact of the pandemic on the domestic consumer economy can be understood through future issues of the ABC Report.
Woo Sanghyun, Head of BC Card's New Finance Research Institute (Vice President), stated, "We decided to publish regular reports so that small business owners, prospective entrepreneurs, and various institutions can utilize information on consumption trends in major sectors," adding, "We plan to continuously provide content that can help our society amid the global high inflation and high interest rate environment."
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