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South Korea’s retail sales up 7.3 per cent on growing outdoor activities

(Source: Korean Bizwire)

Retail sales in South Korea grew 7.3 per cent on-year in October, as people’s outdoor activities and demand for various services grew amid eased antivirus curbs, data showed Tuesday.

The combined sales of 25 major offline and online retailers came to US$10.95 billion last month, compared with 13.7 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

It marked the eighth consecutive month of on-year rise, though the growth slowed down from the previous month’s on-year growth of 7.5 per cent.

Sales from offline stores rose 6.4 per cent in October on growing demand for fashion items, and goods for children and sporting, which offset a fall in sales of home appliances.

Of the offline stores, department stores saw their sales advance 8.0 per cent and convenience stores 11.2 per cent last month.

But sales at discount chain stores, such as E-mart and Lotte Mart, inched down 0.5 per cent on-year on dwindling demand for everyday items and home appliances, the data showed.

Sales from online platforms advanced 8.2 per cent from a year earlier to come to 7.06 trillion won last month over the continued spread of the contactless shopping trend amid the prolonged Covid-19 pandemic.

Among categories, tourism and other services enjoyed a 32.2 per cent rise in their sales, and demand for foodstuff rose 15.6 per cent on-year.

The growth came as restrictions for international travellers over the pandemic have further eased and outdoor activities increased amid the mild weather, officials said.

Online platforms accounted for 48.2 per cent of the total sales in October, up from 47.7 per cent a year ago, according to the ministry.

The story was originally published on The Korea Bizwire.

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