Sunday, Apr 26, 2015Sunday, Apr 26, 2015

Ferry tragedy hits consumer spending in South Korea: report

Published on Apr 28, 2014 11:10 AM
A South Korean woman attaches a yellow ribbon of hope for the safe return of missing passengers as people attend a memorial for the victims of the sunken South Korean ferry Sewol in Seoul on April 28, 2014. -- PHOTO: AFP

SEOUL (AFP) - South Korean consumers have reined in their spending since the ferry sinking that is believed to have claimed 300 lives, as a sombre mood grips the nation, a report said Monday.

Entertainment spectacles have been cancelled and product launches have been put back as Koreans watch wall-to-wall coverage of the April 16 disaster and its aftermath.

Daily credit card use dropped 4.4 per cent - 8.7 billion won (S$10.5 million) - on month in the week after the Sewol sank with 476 people on board, the Korea Herald reported, citing company data from a major credit card firm.

The firm, which was not named, had recorded rising card use in the week leading up to the tragedy.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!