South Korea fears further economic cooling as concerts, festivals canceled after Halloween crush

Asia's fourth-largest economy has entered a period of national mourning that President Yoon Suk-yeol declared will run until November 5

Across South Korea, events such as autumn foliage festivals and K-Pop concerts are canceled, and grief-stricken communities are putting off gatherings after a Seoul crowd crush killed at least 154 people, threatening to crimp growth further.

A major K-pop concert called Busan One Asia Festival, set for Sunday and expected to attract around 40,000 people, was canceled, while dozens of regional councils across the country have called off local festivals planned alongside the autumn foliage season and Halloween.

Universities have cancelled weekend retreats known as MTs, and the opening event of the two-week Korea Sale Festa, the Korean version of the Black Friday, was called off.

Asia's fourth-largest economy has entered a period of national mourning that President Yoon Suk-yeol declared will run until Nov. 5, but analysts fear the slump in sentiment caused by the outpouring of grief over the tragedy during Halloween festivities may not fade quickly and bring a lasting impact on the economy similar to 2014, when the Sewol ferry sinking killed more than 295.

"This has come when the consumer sentiment was just turning for the worse, just as when everyone was expecting the rising interest rates will hit consumption further," said Park Sang-hyun, an economist at HI Investment & Securities. "The impact on sentiment depends on how long the process of the recovery and fix-up of the situation takes," he added.

In South Korea's second-largest city, Busan, a major fireworks display planned for Nov. 5 was postponed indefinitely, while the three major retailers Shinsegae, Lotte Shopping and Hyundai Department Store canceled Halloween promotion events. South Korea's southern resort island of Jeju called off the Jeju Olle Walking Festival, scheduled from Nov 3 to 5.

The Korea Baseball Organisation and Korea Volleyball Federation both said there won't be cheerleaders during its championship series.