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Sales at S. Korean discount stores rebound in Oct.
SEOUL, Nov. 17 (Yonhap) -- Sales at South Korea's major discount outlets rebounded in October after four months of negative growth, helped by a rise in demand arising from the "Chuseok" fall harvest holiday, a government report showed Tuesday.
Total sales at the country's three leading discount outlets gained 4.5 percent on-year, following a negative growth of 6.0 percent tallied for September, the Ministry of Knowledge Economy said.
"The Chuseok holidays that fell in early October fueled demand for groceries, sporting products and miscellaneous goods," the ministry said in a press release.
The three-day-long holiday is a time for preparing special foods and giving gifts that usually stimulate domestic consumption.
Groceries, which make up more than half of all sales, edged up 1.1 percent on-year with demand for sporting items and other miscellaneous goods jumping 11.8 percent and 11.2 percent respectively compared to the year before.
The latest report, meanwhile, showed department store sales continuing to surge 11.4 percent compared to the year before as shoppers snapped up miscellaneous goods, clothing and luxury items, according to the ministry. Sales of groceries soared 18.2 percent on-year.
The gains were higher than the 8.6 percent jump tallied for the month before and marked the eighth consecutive month of positive annual gains this year. Department store sales posted negative growth of 0.3 percent in February.
The ministry report, in addition, said that the increase in department store sales was the second-highest this year after a 10.4 percent hike reached in January.
Sales of luxury goods moved up 3.0 percent vis-a-vis the year before, with gains of 13.4 percent being tallied for miscellaneous products and 12.7 percent for casual women's clothing.
The monthly report, based on sales figures from Lotte Mart, E-mart and Homeplus discount stores, as well as Lotte, Shinsegae and Hyundai department stores, is a key indicator of Korea's consumer sentiment.
yonngong@yna.co.kr
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