The Magazine for Asian Investors
The South Korean Ministry of Trade, Industry and Energy announced today (Aug. 30) that retail sales in South Korea rose 9.7% year on year in July 2022. This is the fifth consecutive month of growth after the government eased measures to curb the spread of COVID-19 and more people are spending time outdoors.
According to the report, sales of major online and offline retailers in South Korea reached 14.17 trillion won in July, up from 12.9 trillion won in the same period last year. Online retail accounted for 47.63% of total retail sales in July.
Online retail sales increased by 7.3% year-on-year in July. This was due to the trend toward contactless shopping amid the COVID-19 epidemic. Demand for cosmetics in online stores rose 14% in July as more people went outdoors.
Offline retail sales rose by 12.1% year-on-year in July. Department store sales, in particular, rose by 31.6% as demand for luxury goods, clothing, and other fashion items surged.
Sales at convenience stores increased by 10.4% in July, driven by rising demand for packaged food and daily necessities.
Elsewhere, sales at discounters such as e-mart and Lotte Mart rose 0.2% year-on-year in July as demand for household appliances fell. Sales at small supermarkets fell by 3.6%.