SEOUL - Retail sales in South Korea saw a notable increase of 8.2 percent year-on-year in January, propelled by strong performances on online platforms, the Ministry of Trade, Industry, and Energy reported on Tuesday. The combined sales of 25 major offline and online retailers reached 15.7 trillion won (US$11.78 billion) for the month, an increase from 14.5 trillion won in the previous year, according to ministry data.
According to Yonhap News Agency, The report highlighted a marginal 0.3 percent decrease in offline store sales, attributed to the Lunar New Year holiday occurring in February this year, unlike January in 2023. Despite this, department stores experienced a 0.7 percent sales increase, largely driven by imported luxury goods. Convenience stores also reported a 6.1 percent increase in sales, fueled by demand for ready-to-eat products, while supermarkets saw a 9.2 percent decline in January.
Conversely, online platform sales experienced a significant jump of 16.8 percent year-on-year in January, marking the steepest increase since October 2021's 19.7 percent rise. This surge was largely due to strong demand for food and daily necessities. Additionally, electronics demand, particularly for new smartphones, contributed to a 13.2 percent increase during the period. Online sales accounted for 53.6 percent of the total retail sales in January, up from 49.7 percent a year earlier, highlighting the growing importance of digital commerce in South Korea's retail sector.