South Korea’s retail sales rise more than 15% as government eases COVID measures

South Korea’s Ministry of Trade, Industry, and Energy reported a double-digit increase in retail sales for August 2022, the sixth consecutive month of growth after the government eased Covid-19 measures.

According to the report, sales at major online and offline retailers in South Korea rose 15.4% year-on-year in August.

Offline retail sales increased 14.5%, while online retail sales increased 16% last month.

More and more South Koreans are taking up outdoor activities after the government relaxed strict measures to control Covid-19. This is leading to strong double-digit growth in demand for sporting goods and apparel in offline stores.

At the same time, demand for food rose by 27.8% due to the long Chuseok festival, the South Korean harvest festival.

Department store sales rose 24.8% year-on-year in August, driven by strong demand for food and apparel.

Sales at hypermarkets rose by 12.8% in August, while sales at discounters were up 9.9%.

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