Korea’s retail sales up in July on growing outdoor vacation activities

(Source: Korea Bizwire)

Retail sales in South Korea rose 5.9 per cent on-year in July as more people enjoyed outdoor activities for summer vacation amid eased antivirus curbs, the industry ministry said Tuesday.

The combined sales of 25 major offline and online retailers came to US$11.12 billion last month, compared with 10.5 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

The increase was attributable to a low base effect as people increased spending on food and service fields amid the stabilized virus situation and the government’s lifting of antivirus restrictions earlier this year.

Sales of offline retailers advanced 3.9 per cent on-year to 5.6 billion in July.

Demand for food rose 6.6 per cent on-year and sales in the service sector went up 5.2 per cent last month to lead the overall monthly sales of offline retailers.

Department stores saw their sales rise 2.1 per cent, and sales at discount chain stores, such as E-Mart and Lotte Mart, increased 2.6 per cent on-year in July.

Convenience stores enjoyed 6.6 per cent sales growth, and the sales of smaller supermarkets expanded 4.6 per cent on-year last month, the data showed.

Online platforms saw their sales advance 8.1 per cent to 5.5 billion, as online shopping for food items, cosmetics and other services has become commonplace.

Online platforms accounted for 49.6 per cent of total sales in July, up from 48.6 per cent a year earlier, the ministry said.

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

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