partly because the overall household purchasing power was not sufficiently strong and household debt remained elevated. Private investment picked up in line with the improved economic outlook, and with
purchasing power. However, from Sep-21 onward, restrictions were gradually lifted, resulting in some improvement in consumer spending. Meanwhile, competition in mobile industry remained elevated as operators
effectively managed, although inventory days increased from 28 days to 40 days. This was a result of an elevated handset stock-to-sales ratio due to the government tax campaign in early 2024, which postponed
categories especially in durable goods which showed significant contractions since the second quarter onwards from the contractions in vehicle sales. Key factors include the weakened household income and
especially in durable goods which showed significant contractions since the second quarter onwards from the contractions in vehicle sales. Key factors include the weakened household income and tightening of
Brand”, having communicated to customer groups to become aware of the variety of “Diamond” brand products, which are strong and durable resulting in trustworthiness from the customers through every
demand faced contraction in the same direction as private consumption on durable goods and services significantly contracted because people avoided going outside. Other fators include the suspension of a
segment were also severely impacted due to lockdowns, less consumer spending on durables and travel restrictions although Hygiene Fibers had stellar results. • Non-durable end markets for IVL products
, domestic demand would be restrained by elevated household debt, some signs of moderation in earnings and employment in the export-related manufacturing sector, as well as public spending and public