Small Business and Traditional Market Outlook BSI Surges
Due to Chuseok holiday anticipation and seasonal factors
The small business and traditional market business trends, which had been declining for several months, are showing signs of recovery. In particular, the September Business Survey Index (BSI) surged ahead of the Chuseok holiday.
According to the ‘2024 August Small Business Market Trend Survey Results’ announced by the Small Business Market Promotion Agency (SBA) on the 2nd, the small business September outlook BSI rose 26.2p from the previous month to 82.8. The traditional market September outlook BSI was even higher at 88.7, showing a sharp increase of 43.7p from the previous month.
The outlook BSI for small business owners and traditional markets, which had been declining for four consecutive months until last month, improved due to expectations of the Chuseok holiday in September. 38.6% of small business owners and 77.7% of traditional market respondents answered this way. The next reason for the improvement was weather and seasonal factors.
Small business owners cited the impact of the start of the new school year (8.8%), while traditional markets cited the expected economic recovery (2.5%) as the reason for the improvement in their outlook for BSI.
In addition, the outlook BSI for small businesses and traditional markets in all industries rose.
However, the outlook BSI for small business owners and traditional markets was somewhat lower than last year. Compared to the same month last year, the outlook BSI for small business owners fell by 15.2p, and the outlook BSI for traditional markets fell by 18.7p.
Like the outlook BSI, the perceived BSI for small business owners and traditional markets in August, which had been on a downward trend, also rose slightly.
The BSI for small business owners rose 0.9p from the previous month to 55.4. The cool autumn weather and seasonal factors were cited as the biggest reason for the improvement at 19.5%. The vacation season (18.4%) and the increase in customers (14.9%) were also cited as factors that had an impact.
By industry, repair (+7.3p) and manufacturing (+5.7p) rose compared to the previous month. Education service (-6.6p) and real estate (-3.0p) fell compared to the previous month.
The traditional market’s August BSI also rose 3.0p from the previous month to 45.4. The reasons for the perceived economic improvement were similar to those of small business owners, with the following factors: the impact of the holiday season (23.7%), weather/seasonality (22.0%), and increased customers (15.3p).
By traditional market industry, seafood (+9.3p) and agricultural products (+7.0p) rose in that order compared to the previous month, while livestock products (-4.5p) and clothing/shoes (-1.3p) fell in that order compared to the previous month.
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2024-09-02 20:54:59