Nov. 17 (Bloomberg) -- Sales at major South Korean department stores increased in October at the slowest pace in 30 months, adding to concern that consumer demand is faltering.
Outlays at the three biggest chains gained 3.1 percent from a year earlier, after rising 6.5 percent in September, the Ministry of Knowledge Economy said in a statement today. Discount-store sales gained 5.5 percent, today’s report showed.
South Korean consumer confidence last month held near a five-month low as the European debt crisis threatened the global outlook. Inflation and higher interest rates are also curbing consumers’ purchasing power.
--Editors: Ken McCallum, Lily Nonomiya
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