March Nationwide Dining Industry Market Weather Report
Loan brokerage fintech company Finda released the "National Dining Industry Commercial District Weather Report" on the 9th, capturing trends in dining industry commercial districts nationwide.
Last month, the domestic dining industry sales amounted to 11.5464 trillion KRW, a 0.57% decrease compared to the same period last year. Compared to the previous month's 9.9151 trillion KRW, this represents a 16.45% increase.
The industry with the highest sales growth rate was buffet (20.87%). Fast food (7.54%), bakery (3.41%), Korean cuisine (0.80%), and chicken & Dakgangjeong (0.47%) followed. On the other hand, the steepest sales decline was seen in pubs (-8.69%), followed by fusion & world cuisine (-7.71%), Western cuisine (-5.34%), entertainment pubs (-4.06%), and seafood (-3.91%).
By region, among the 17 metropolitan cities and provinces nationwide, Incheon showed the highest increase in dining industry commercial districts with a 4.58% rise compared to the same period last year, reaching 671.7 billion KRW. Conversely, Seoul, with the largest sales volume of 3.5738 trillion KRW, saw a 3.21% decrease compared to the same period last year, and Gyeonggi (2.8901 trillion KRW) also experienced a 0.61% decline in sales compared to last year. At the city/county/district level, Daegu Gunwi-gun had the highest sales growth rate nationwide at 20.89%, followed by Chungnam Yesan-gun (16.23%), Jeonbuk Muju-gun (14.76%), Incheon Jung-gu (13.49%), and Jeonnam Yeonggwang-gun (12.37%).
The top five regions in dining industry sales last month were all in Seoul. Gangnam-gu, Seoul (523.5 billion KRW) ranked first, followed by Seocho-gu, Seoul (257.7 billion KRW), Yeongdeungpo-gu, Seoul (237.8 billion KRW), Mapo-gu, Seoul (231.6 billion KRW), and Jung-gu, Seoul (215.2 billion KRW).
Finda has secured 110 million cumulative sales data through the big data commercial district analysis platform "OpenUp," acquired in July 2022, and processes and provides big data using artificial intelligence (AI) technology. The OpenUp website offers free monthly commercial district analysis services, including sales and new store status nationwide.
Hwang Changhee, Product Owner of Finda OpenUp, explained, "As the strong performance of cost-effective industries such as buffets, fast food, and bakeries continues from the beginning of the year, prospective entrepreneurs considering starting a dining business need data-driven decision-making. With dining prices soaring and significant commercial district disparities across regions, thorough preparation is necessary when considering starting a business."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
