South Korean retail sales rise as Covid-19 crisis eases
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South Korean retail sales rose by 3.9 percent year on year during April.
The nation’s retail industry in general has benefitted from increasing demand in the e-commerce sector brought on by changes in consumer behavior in the midst of the coronavirus pandemic, despite a major hit to offline retailers.
Figures released by Korea’s Ministry of Trade, Industry, and Energy showed combined South Korean retail sales by major companies hit US$8.74 billion last month, up from $8.39 billion during the same period last year.
Offline retailers experienced a 5.5 percent drop in sales during the same month, compared to last year’s results.
While sales from department stores, large supermarkets, and convenience stores dropped 14.8 percent, 2.6 percent, and 1.9 percent respectively, online retailers selling food and daily necessities saw sales increase by 16.9 percent.
Total sales of food products increased by 56.4 percent during the month, while clothes sales dropped 8.8 percent.
Questions & Answers
Q.What was the total value of retail sales in South Korea last month?
What was the total value of retail sales in South Korea last month?
Combined South Korean retail sales by major companies reached US$8.74 billion last month. This figure represents an increase from $8.39 billion during the same period last year.
Q.How did offline retail sales perform compared to the previous year?
How did offline retail sales perform compared to the previous year?
Offline retailers experienced a 5.5 percent drop in sales during the same month compared to last year's results. Department stores, large supermarkets, and convenience stores all saw reduced sales.
Q.Which product categories saw the biggest changes in sales?
Which product categories saw the biggest changes in sales?
Total sales of food products increased by 56.4 percent during the month. In contrast, clothes sales dropped by 8.8 percent, indicating a shift in consumer spending priorities.