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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