[News Today] “No business uptick during holiday”

[LEAD]
Despite hopes for a temporary rebound in spending over the so-called golden holiday at the start of May, the numbers tell a different story. Credit card spending actually declined compared to last year, when the holiday was even shorter.

[REPORT]
This holiday cottage has been in business for a decade.

For holidays in May, when many people travel, rooms were usually fully booked at least a month in advance.

However this year, even at a 30% discount, reservations were filled only at the last minute.

Holiday cottage operator for 10th year /
In past years, we were flooded with calls asking if there was vacancy for that day. This year, there are no inquiries and rooms remain empty on May weekends.

KBS has obtained sales records between May 1st and 6th from credit card firm BC Card.

Data shows the number of transactions fell 11% compared to the same period last year.

Transactions were down 15% at cultural venues, such as cinemas and theme parks.

Distribution as well as food and beverage sectors also saw a decline.

These are industries for meeting, eating, and leisure, but their holiday sales have dropped.

Last year, there were four off-days. This year, five. But card payments still dipped.

Joo Won / Hyundai Research Institute
Insufficient income and extreme future uncertainty spur the possibility of layoffs and business closures, causing sluggish spending.

The Bank of Korea was particularly monitoring the spending level in early May.

BOK Governor Rhee Chang-yong had said in a press briefing that credit card spending during the May holidays was the biggest focus, but there was no rebound in consumption.

During the same period, overseas transactions rose 4%.

The usual pattern of longer holidays boosting domestic travel and spending has been broken.

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