S. Korea’s retail sales grows in August ’24

South Korea’s retail sales saw a continued increase in August, fuelled by strong online sales of food and daily essentials.

Major retailers, both online and offline, experienced a 9.2 per cent revenue growth in August compared to the previous year, marking a notable acceleration from the 6.3 per cent growth seen in July.

Online retailers posted particularly strong sales, with revenue surging by 13.9 per cent in August. This marked the twelfth consecutive month of double-digit growth for online retailers since September 2023.

Offline retailers also saw a rebound in sales, growing by 5.0 per cent year-over-year in August. This followed a decline of 3.0 per cent in July.

While online demand for services, including travel, food delivery, and e-coupon purchases, surged by 60.4 per cent, sales of home appliances, clothes, and sports items declined slightly in the online market.

Attribution: Xinhua

Subediting: M. S. Salama