Revenue of franchise stores in South Korea hit a record high last year amid high inflation, statistical office data showed Tuesday.
The combined revenue in franchise stores jumped 18.2 percent over the year to 100.1 trillion won (77.3 billion U.S. dollars) in 2022, according to Statistics Korea. It marked the highest since relevant data began to be compiled in 2013.
The double-digit increase was attributable to higher service prices. The country’s consumer prices gained 5.1 percent last year, recording the fastest rise in 24 years since 1998.
Sales of franchise pubs surged 57.7 percent, while revenue in restaurants selling foreign dishes soared 41.0 percent. Sales of stores servicing coffee and beverage advanced 33.2 percent.—Xinhua
