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South Korea’s retail sales rebounded in February

(Source: Bigstock)

South Korea’s retail sales rose 4.7 per cent year-on-year in February as online consumption jumped amid the Omnicron waves, The Korea Herald reported. 

Sales generated from online platforms, accounting for 51.3 per cent of the overall retail sales, increased by 14.2 per cent year on year, while offline sales dipped 3.8 per cent. The service sector, mainly driven by food delivery, represented the highest growth in online sales (26.8 per cent), followed by consumer electronics and cultural goods (15.7 per cent). 

While sales in department stores surged 9.3 per cent last month due to the rising demand for luxury goods, sales of convenience stores increased 7.4 per cent. However, the ministry said discount chains and supermarkets saw a drop in sales last month, tumbling 24 per cent and 8.4 per cent respectively. 

The humble offline sales were estimated to be impacted by the widespread of the Omnicron variant in the country causing consumers to shop online. 

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