High oil prices and rumors of a possible credit crisis have seriously affected consumer spending, and a recent rise in prices of more than five percent has curtailed holiday spending.

Discounts have been offered, along with a variety of promotional activities, to lure customers ahead of the three-day holiday -- but shop owners say these have been largely ineffective.

According to the Small and Medium Business Administration, it is an average of 23 percent cheaper to shop at traditional Korean market than at large chain stores.

Arirang News