Retailers downbeat over Q1 biz: poll
Published : 2013-01-02 19:25
Updated : 2013-01-02 19:25
South Korean retailers’ sentiment for the first quarter hit the lowest level since the second quarter of 2009 due to jitters over future business conditions, a poll showed Wednesday.
The Korean Chamber of Commerce and Industry said its retail business survey index fell to 87 for the January-March period from 98 for the fourth quarter of last year, well below the benchmark level.
A reading below 100 means that pessimists outnumber optimists.
The index had been above the benchmark 100 since the second quarter of 2009, but dropped below the level in the fourth quarter of last year amid a prolonged economic slump.
“Growth of the South Korean retail market is expected to slow down this year as consumers do not open their wallets due to concerns over future business conditions,” the KCCI said. (Yonhap News)