S Korea Oct Dept Store Sales Flat On Year Vs 0.3% Fall Estimate
Department store sales were flat last month from a year earlier, which nonetheless were better than a 0.3% decline in September and the government's earlier estimate of a 0.3% fall for October.
But the broad trend reveals that consumers are increasingly reluctant to open their wallets amid growing risk of a major global economic slowdown.
At large stores, sales fell 0.7% on year following a 9.2% decline in the preceding month, the data showed.
"The decline in sales of durable goods, such as home appliances, and for apparel was significant," the ministry's statement said.
Sales of women apparel contracted 12.5%, while those of household goods were down 8.4%, it said.
At large stores, sales of home appliances fell 13.9% following a 12.4% fall in the preceding month, the ministry said.
Still, South Koreans' spending on luxury goods at department stores increased as a weaker local currency against the dollar curbed their overseas purchases of such goods, the ministry said. Luxury goods sales were up 32.1% versus 24.7% growth in the preceding month.
-By Kanga Kong, Dow Jones Newswires; 822-2198-2230; kanga.kong@dowjones.com
(END) Dow Jones Newswires
November 16, 2008 16:15 ET (21:15 GMT)
Publié le 16 novembre 2008 Copyright © 2008 Dowjones
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