Korea retail sales up 6.4 per cent in March on growing outdoor activities

(Source: Korea Bizwire)

Retail sales in South Korea rose 6.4 per cent on-year in March as people’s growing outdoor activities boosted demand for fashion and other items, the industry ministry said Tuesday.

The combined sales of 25 major offline and online retailers came to US$10.89 billion last month, compared with $10.2 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

The on-year increase came as more people turned to outdoor activities in spring amid the stabilized virus situation and the government’s lifting of antivirus curbs.

Last month, the government removed the mask mandate on public transportation around two months after the removal of mask-wearing rules for most indoor spaces in a major step toward the return to pre-pandemic normalcy.

Sales of offline retailers jumped 6.6 per cent on-year to $5.4 billion in March, as demand for clothing and fashion items jumped 17.8 per cent on-year.

Goods for children and sporting also went up 14.5 per cent, and sales of food grew 8.1 per cent on-year in March.

But sales of electronics at offline shops and other housing items fell 5.6 per cent and 2.6 per cent, respectively, from a year earlier, the data showed.

Department stores saw their sales rise 9.5 per cent, and sales at discount chain stores, such as E-Mart and Lotte Mart, inched up 1.2 percent on-year.

Convenience stores also enjoyed a 9.7 per cent sales growth thanks to strong demand for smaller food packages and everyday items, the ministry said.

But smaller supermarkets saw their sales fall 1.0 per cent on-year last month, the data showed.

Online platforms saw their sales advance 6.1 per cent on-year to $5.3 billion won in March.

Among categories, sales of fashion items surged 14.1 per cent on-year and demand for foodstuffs climbed 7.5 per cent from a year earlier, according to the ministry.

Online platforms accounted for 49.6 per cent of total sales in March, it added.

This story was originally published by Yonhap, via Korea Bizwire.

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