S. Korea’s retail sales edge up

South Korea’s retail sales continued their upward trajectory in September 2024, driven by robust online demand for food, home appliances, and daily necessities, said the Ministry of Trade, Industry and Energy on Tuesday.

Combined revenues from major offline and online retailers increased by 6.7 per cent year-on-year in September, marking a slight slowdown from the 9.2 per cent growth recorded in the previous month.

Online retailers continued to outperform their offline counterparts, with revenues surging by 15.7 per cent year-on-year. This double-digit growth streak has now extended to 13 consecutive months since September 2023.

In contrast, offline retailers experienced a 0.9 per cent decline in sales year-on-year in September, following a 5.0 per cent expansion in the prior month.

The strong performance of online retailers was primarily attributed to the significant surge in demand for food, which soared by 14.7 per cent, as well as double-digit growth in sales of home appliances and daily necessities.

Online demand for services, including travel, food delivery, and e-coupons, also spiked by 52.9 per cent. However, online sales of clothing and sports items contracted slightly.

While offline demand for home appliances advanced by 17.9 per cent, sales of clothing, sports items, and food declined. Additionally, revenues from discount outlets, department stores, and convenience stores decreased in September.

Attribution: Xinhua

Subediting: M. S. Salama