Domestic consumption was already sluggish due to the impeachment political situation, but the Jeju Air disaster added to the bad news. This is because there is a risk that the special end-of-year demand will disappear, not only for year-end parties but also for New Year’s parties and sunrise events at the beginning of next year. The South Korean government and other parties are urging self-employed people and small business owners to go ahead with their year-end parties as planned even amid the impeachment political situation, but the spark for consumer spending is unlikely to revive. Kim, who runs a butcher shop in Dodam-dong, a major shopping district in Sejong City, said, “It’s the end of December, but it’s hard to get into the year-end atmosphere. By 10 p.m., the number of customers thins out and the store often closes.” An employee of a Chinese restaurant in Seoul’s Gwanghwamun area, where many group dining events are held, said, “We’ve received many calls this month canceling reservations for year-end parties. Things seemed to have calmed down recently, but (the Jeju Air disaster) has caused several New Year’s parties to be canceled,” he confided. Local governments have also decided to cancel one after another their year-end and New Year events, which were scheduled to run from the end of this year through January 1st of next year. The municipalities of Gwangju and South Jeolla Province, which suffered the greatest number of casualties in this accident, stand out. The city of Gwangju held a meeting immediately after the accident on the 29th and canceled the New Year’s Eve bell ringing on the 31st and the New Year’s sunrise ceremony on Mt. Mudeung on January 1st. Jangheung County, South Jeolla Province, also held an emergency meeting on the same day and canceled the first sunrise event that was scheduled to be held at the Jeongnamjin Observatory on January 1st. The same can be said for Wando and Haenam County. The first sunrise event to be held in Ganjeolgot, Ulju County, Ulsan, known as the first place on the Korean Peninsula to see the sunrise, and the New Year’s concert in Wonju, Gangwon Province, have also been canceled. The Haeundae district of Busan canceled the countdown event that was scheduled to be held at Haeundae Beach from 11 p.m. on the 31st. This accident occurred at a time when domestic demand was already shrinking. The chaotic political situation, which began with the state of emergency on the 3rd and included two impeachments, has dealt a direct blow to consumer spending. There was a clear drop in credit card and check card sales during the evening hours at the end of the year, a busy period for self-employed people when year-end parties and other events are held. According to Korea Credit Data, in Yeouido, which experienced riots around the National Assembly following the declaration of emergency law, daytime card sales increased 3.03 percent in the first week of this month, 11.67 percent in the second week, and 2.14 percent in the third week compared to the same period last year. During the second week of this month, when large-scale rallies were held to celebrate the National Assembly’s vote on the impeachment bill, sales increased by double digits. However, unlike daytime sales, nighttime card sales decreased by 0.42% in the first week, 2.75% in the second week, and 4.09% in the third week. Similar scenes were seen even in business areas where there were no impeachment rallies. Hongdae, Seoul’s leading commercial area, also saw a significant increase in daytime card sales this month compared to last year. However, overnight card sales either fell significantly or merely remained at the same level. Consumer sentiment has slumped. According to the Bank of Korea, the Korean Consumer Sentiment Index (CCSI) for this month recorded 88.4. This is the lowest since 86.6 in November 2022. This represents a drop of 12.3 points from the previous month. This is the biggest drop since the 18.3-point drop in March 2020 when the new coronavirus pandemic hit. An index below 100 indicates pessimism. Typically, when a major accident occurs, consumption tends to stagnate. Examples include the Sewol ferry accident in April 2014 and the Itaewon accident in October 2022. At that time, various events and dinner parties were canceled en masse, and private companies refrained from holding external events. “The trend of avoiding evening meals, which began during the COVID-19 pandemic, has intensified amid the state of emergency and impeachment political situation,” said Kang Seong-jin, a professor of economics at Korea University. “The fewer dinner parties there are, the lower the expenses will be, which raises concerns that this will deepen the slump in domestic demand.”
Considering that the whole world is saying that there’s something wrong with Korean aircraft and infrastructure after this incident, it’s probably a miracle that this hasn’t happened before. I know about it because they’ve crashed and destroyed planes in Japan and run away. It’s good that it’s now known to the world that even if something isn’t made in Korea, it can be ruined if Koreans operate it.
>>5 Up until now, they’ve been snatching orders from Japanese general contractors in the infrastructure construction and construction sectors around the world at half-price dumping prices. They don’t have any decent technology and the construction is shoddy, copying what Japanese general contractors do. From now on, the infrastructure they have been contracted to build in various locations will probably become a major issue all over the world (laugh).
The reason is that the world has discovered that South Korea is a comedy-developing country. A hilarious martial law followed by anarchy (the next administration and president look so suspicious that the future looks bleak). A bird strike followed by a tragic accident caused by various human factors.
>>49 The origin of the New Year’s Eve bell is said to be China. Originally it was held at the end of each month, but during the Song Dynasty it was held only on New Year’s Eve.
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