The Ministry of SMEs and Startups said on the 28th that sales in the alley areas increased by 10.6% year-on-year thanks to high oil price damage subsidies that can be used at stores with annual sales of less than 3 billion won.
The high oil price damage subsidy was previously organized by the government to ease the burden on the low-income economy due to high oil prices, high exchange rates, and high prices, and is currently providing a total of 6.1 trillion won. In particular, from May 18, it has been receiving and paying applications for the second round of subsidies for 70% of the people.
According to a comparison and analysis of changes in sales of operators nationwide for three weeks from May 18 to June 7 using sales data held by Korea Credit Data, a private company, business sales increased 10.6% year-on-year after the subsidy was paid, and 2.7% compared to the previous week of the payment.
Nationwide, sales in all 17 metropolitan cities and provinces increased by more than 5% year-on-year. By region, Busan recorded the highest growth rate at 16%, followed by Gyeongnam (14.7%), Daegu (14.0%), and Incheon (13.8%).
There was also an increasing trend by industry. Retail (16.4%) and education service (11.2%), which are closely related to living prices, exceeded the overall average, driving sales growth, while arts, sports, and leisure industries increased only 4.6%.In particular, sales growth was noticeable in the traditional market. Sales of Sujeong Traditional Market in Dong-gu, Busan (123.7%), Dongbu Sea Central Market in Gangwon Province (114.8%), and Samcheonpo Central Market in Gyeongnam (114.0%) more than doubled compared to the same period last year.
Lee Byung-kwon, the second vice minister of the Ministry of SMEs and Startups, said, "Through cooperation with private data companies, we have been able to confirm that high oil prices have contributed substantially to the recovery of the people's livelihood economy and revitalization of local commercial areas. We will continue to integrate and build public and private data in the small business sector and actively use it to establish more sophisticated and effective customized policies."
Meanwhile, a citizen who was eating pork belly at an outdoor table at a meat restaurant during Lee Jae Myung's surprise visit to the streets of Ikseon-dong, Jongno-gu, Seoul, told Lee, "I'm eating (meat) with high oil prices." In response, President Lee replied, "Good job," and "Money should be circulating in the neighborhood."
