South Korean retail sales up after Covid-19
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South Korean retail sales rose by 2 percent during May, largely due to increased online shopping, according to the new Ministry of Trade figures.
The year-on-year increase was strongly influenced by purchases of food and sanitary items online due to the effect of social-distancing requirements related to the coronavirus pandemic.
The ministry polled 26 major retailers in both online and offline categories to collect the data, which showed combined sales of US$9.65 billion last month, an increase of over $9.506 billion during the same period last year.
Online platforms saw a 13.5-per-cent revenue rise during the period, with online sales of food increasing almost 39 percent, and daily items and furniture going up 22.7 percent. Offline shopping – with the exception of convenience stores – continued to show a decline, with a 6.1-per-cent drop in sales.
Year-on-year sales figures for last year showed an increase of 4.8 percent over 2018.
Questions & Answers
Q.What specific types of retail sales saw the most significant increases online?
What specific types of retail sales saw the most significant increases online?
Online sales of food increased by almost 39 percent. Daily items and furniture also saw substantial growth, going up by 22.7 percent during the period surveyed by the Ministry of Trade.
Q.Which retail category experienced a decline in sales despite the overall increase?
Which retail category experienced a decline in sales despite the overall increase?
Offline shopping, with the sole exception of convenience stores, experienced a decline. Sales in this category dropped by 6.1 percent during May, contrasting with the rise in online purchases.
Q.What was the total value of combined retail sales last month?
What was the total value of combined retail sales last month?
Combined retail sales for last month, which was May, totalled US$9.65 billion. This figure represents an increase from the $9.506 billion recorded during the same period in the previous year.
Q.How do these latest figures compare to the previous year's growth?
How do these latest figures compare to the previous year's growth?
The overall 2 percent increase in retail sales during May is lower than the previous year's growth. Year-on-year sales figures for last year showed a larger increase of 4.8 percent over 2018.
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