South Korean retail sales surged in February after the government lifted coronavirus restrictions, according to government data released on March 28.
The Ministry of Trade, Industry, and Energy reported that revenue from major online and offline retailers increased 7.9% in February from a year earlier. This rise came after measures against the COVID-19 epidemic were canceled, encouraging outdoor activities and boosting demand for clothing and sporting goods.
Offline retailer sales increased by 8% in February year-on-year, following a 0.5% decline in January. Sales at department stores and discount stores rose in the single digits, while convenience store revenue soared by 10.2% due to strong demand for ready meals and daily necessities.
Online retailer revenue also grew by 7.8% in February from a year earlier, driven by strong demand for travel-related services and tickets to cultural performances.
The increase in retail sales is seen as a positive sign for South Korea’s economy, which has been hit hard by the pandemic.
Overall, the data suggests that the South Korean retail sector is recovering from the pandemic-induced slump, providing hope for a brighter economic outlook in the months ahead.