Seoul: Retail sales in South Korea rose 4.2 percent from a year earlier last month, driven by a rebound in domestic consumption, government data showed Tuesday. Major offline retail companies experienced a 2.9 percent increase in sales compared to the previous year, while major online platforms reported a 5.3 percent rise.
According to Yonhap News Agency, the Ministry of Trade, Industry and Resources attributed the growth in retail sales to improved consumer sentiment. The consumer sentiment index reached 112.4 in November, marking the highest level in seven years, up from 100.7 in the same month last year.
Department stores saw a 12.3 percent increase in sales, fueled by rising demand for winter fashion items, foreign brands, and foodstuffs. Convenience stores experienced a modest 0.7 percent growth in sales, continuing their on-year growth trend for the fifth consecutive month. In contrast, sales at supermarkets declined by 9.1 percent on-year, reversing from a 9.3 percent growth in October, primarily due to a weaker performance in the food sector.
In the online sector, sales of foodstuffs surged 15.8 percent on-year, while cosmetics sales increased by 10.2 percent. However, online sales of sports-related products and fashion items decreased by 14.1 percent and 7 percent, respectively. Online platforms accounted for 54.1 percent of total retail sales last month, up from 53.5 percent a year earlier, as reported by the ministry.