Ferry tragedy hits consumer spending in South Korea: report
Published on Apr 28, 2014 11:10 AM
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.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here