[THE INVESTOR] Flower sales in South Korea have decreased more than 20 percent on-year in October, following the implementation of an anti-corruption law, data showed on Oct. 26.

According to the data by the Korea Agro-Fisheries & Food Trade, flower transactions came to 1.96 million bunches in the first 24 days of this month, down a whopping 22 percent from the same period a year earlier.

The plunge is deemed unusual as flowers are in high demand in October when many youths tie the knot or companies start to announce their year-end promotions.

In South Korea, it has been customary to send a basket of flowers or a pot of orchids to congratulate people on promotions.

Sending huge flower easels to weddings or funerals has been common as well.

Market watchers said the local floral industry seems to be hit hard as people tend to refrain from sending flower gifts for special occasions out of concern that they might be breaching the law. In South Korea, more than 50 percent of flowers are purchased as gifts.

(theinvestor@heraldcorp.com)