Korean retailers are optimistic about the Korean economy in the second quarter, according to a recent survey by the Korea Chamber of Commerce and Industry. Korean retailers believe strong consumer confidence will continue in the second quarter of 2010. According to the data from the Korea Chamber of Commerce and Industry, the business survey index for the retail sector was 119, highlighting their belief that consumer sentiment will stay strong in the second quarter.
Furthermore, the BSI for the retail sector surpassed 100 for four quarters in a row. A figure above 100 means there are more optimists than pessimists regarding future economic conditions. The figure means brisk markets are expected for distribution companies in the second quarter, in particular, those of home shopping companies, large discount stores and convenience stores. According to the survey, the 2010 FIFA World Cup in South Africa in June is expected to give a boost to Korean retailers. Korean footballers are scheduled to take part in the world soccer festival as one of the teams representing Asia. Of late, the number of customers at large discount stores has risen, partly thanks to optimism regarding the second quarter.