80% of Small Businesses Hurt by Post-Ferry Disaster Austerity

      May 26, 2014 11:37

      Eight out of 10 small businesses are feeling the impact of chastened consumer behavior after the ferry disaster off the southwest coast last month, a poll suggests.

      The Korea Federation of Small and Medium Business on Sunday said in a survey on 400 owners of restaurants, small grocery stores and travel agencies, 80 percent answered that business declined since the disaster.

      Sales have dropped 33 percent compared to the same period last year.

      Travel agencies were hit especially hard as people canceled their outings. This has meant that many businesses are having trouble paying their bills or staff.

      Small businesses expect the slump to continue for another seven months at least.

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