South Korean retail sales rise strongly in November
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Online shopping during the month of November has driven a 4.6 per cent increase in South Korean retail sales compared to the same period in the previous year, according to government data. Ministry of Trade, Industry and Energy figures showed a 12.7 per cent year-on-year growth in online sales alongside a 0.5 per cent drop in offline retail during the month.
Convenience stores, chain supermarkets and super supermarket sales showed positive growth, while large discount outlets and department stores saw declines of 2.8 per cent and 3.9 per cent respectively.
Online sales in November were largely propped up by e-commerce shopping festivals in China and the US during the period.
Questions & Answers
Q.What was the overall increase in South Korean retail sales during November?
What was the overall increase in South Korean retail sales during November?
South Korean retail sales saw a 4.6 per cent increase in November compared to the previous year. This growth was primarily driven by a significant rise in online shopping activity during the month.
Q.Which retail sectors experienced a decline in sales during November?
Which retail sectors experienced a decline in sales during November?
Large discount outlets and department stores experienced declines in sales during November, falling by 2.8 per cent and 3.9 per cent respectively. Offline retail overall also saw a slight drop of 0.5 per cent.
Q.What factors contributed to the strong growth in online sales in November?
What factors contributed to the strong growth in online sales in November?
Online sales growth, which reached 12.7 per cent year-on-year, was largely supported by e-commerce shopping festivals. These events took place in China and the US during the November period.
Q.Which types of physical stores showed positive sales growth in November?
Which types of physical stores showed positive sales growth in November?
Convenience stores, chain supermarkets, and super supermarkets all demonstrated positive sales growth during November. These sectors performed better than other offline retail formats like large discount outlets and department stores.