Shortcut to Body Shortcut to main menu

Investment News

  • Home
  • About Us
  • Newsroom
  • Investment News
Retail sales up 3.3 pct in August on rising demand on online platforms

According to Yonhap News,

Retail sales in South Korea rose 3.3 percent on-year in August, despite the fall in sales of offline retailers, as more people turned to online platforms for daily necessities and items for summer vacation, the industry ministry said Tuesday.

The combined sales of 25 major offline and online retailers came to 14.8 trillion won (US$11.05 billion) last month, compared with 14.3 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

Online platforms saw their sales advance 8.1 percent to 7.52 trillion won, as online shopping for food items, cosmetics and other services grew, particularly during the vacation season.

But sales of offline retailers fell 1.2 percent on-year to 7.29 trillion won in August, as this year's Chuseok fall harvest holiday will begin some three weeks later than a year earlier, the ministry said.

This year's Chuseok falls on Sept. 29, compared with Sept. 10, 2022, as the date is determined by the lunar calendar.

Department stores saw their sales fall 4.9 percent last month, and sales at discount chain stores, such as E-Mart and Lotte Mart, dropped 8.4 percent on-year on falling demand for gifts for Chuseok, the Korean fall harvest celebration, and relevant items.

Demand for foreign luxury brands and home appliances also logged an on-year fall.

But convenience stores enjoyed 7.6 percent sales growth, and the sales of smaller supermarkets expanded 3.2 percent on-year last month, the data showed.

Online platforms accounted for 50.8 percent of total sales in August, up from 48.5 percent a year earlier, the ministry said.

Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source: Yonhap News (September 26, 2023)

Meta information