South Korea Reports 7.8 Percent Surge in Retail Sales
(MENAFN) Retail sales in South Korea experienced a solid single-digit increase in the first half of the year, driven primarily by a sharp rise in online demand for food, daily essentials, and services, government figures revealed Wednesday.
Data from the Ministry of Trade, Industry and Energy showed that total revenue for major retailers, both offline and online, climbed 7.8 percent from January through June compared to the same timeframe last year.
Online retail sales surged by 15.8 percent during this period, while offline store sales saw a slight decline of 0.1 percent.
Online food sales jumped an impressive 19.6 percent, with daily necessities purchased online growing by 7.3 percent. Meanwhile, services such as travel bookings, food delivery, and e-coupon purchases surged 57.6 percent. However, sales of sports-related products fell sharply, dropping by double digits.
In physical stores, demand for home appliances, clothing, sports goods, and daily necessities declined modestly, while offline sales of food and services posted gains over the six months.
Department stores recorded a modest revenue increase of 0.5 percent, whereas discount retailers and convenience stores experienced single-digit sales declines.
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