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S. Korea Posts 6.7 Percent Growth in October Retail Sales
(MENAFN) South Korea's retail sector posted solid growth last month as consumers flooded online platforms for groceries and everyday essentials, official statistics revealed Wednesday.
Combined revenues across major brick-and-mortar and digital retailers climbed 6.7 percent year-over-year in October, though momentum slowed from September's 7.7 percent expansion, the Ministry of Trade, Industry and Resources reported.
Digital commerce drove performance, with online retailer revenues advancing 6.8 percent during the measured period. Traditional storefronts posted a 6.6 percent sales increase in October—a notable turnaround following declines of 3.1 percent in August and 1.0 percent in September.
E-commerce categories showed varied strength. Cyberspace food purchases surged 12.6 percent, while online daily necessities transactions grew 4.6 percent.
Service-oriented digital spending—encompassing travel bookings, meal delivery platforms and electronic coupon acquisitions—mounted 8.6 percent. Home appliance and cosmetics e-sales registered single-digit gains.
Physical retail locations benefited from the extended Chuseok holiday, South Korea's equivalent to Thanksgiving celebrations. Offline sales of home appliances, apparel, sporting goods, food products, household necessities and services all increased in single figures.
Discount chains and department stores demonstrated particularly robust performance, with revenues climbing 9.3 percent and 12.2 percent respectively. Convenience store sales maintained upward momentum for a fourth consecutive month.
Combined revenues across major brick-and-mortar and digital retailers climbed 6.7 percent year-over-year in October, though momentum slowed from September's 7.7 percent expansion, the Ministry of Trade, Industry and Resources reported.
Digital commerce drove performance, with online retailer revenues advancing 6.8 percent during the measured period. Traditional storefronts posted a 6.6 percent sales increase in October—a notable turnaround following declines of 3.1 percent in August and 1.0 percent in September.
E-commerce categories showed varied strength. Cyberspace food purchases surged 12.6 percent, while online daily necessities transactions grew 4.6 percent.
Service-oriented digital spending—encompassing travel bookings, meal delivery platforms and electronic coupon acquisitions—mounted 8.6 percent. Home appliance and cosmetics e-sales registered single-digit gains.
Physical retail locations benefited from the extended Chuseok holiday, South Korea's equivalent to Thanksgiving celebrations. Offline sales of home appliances, apparel, sporting goods, food products, household necessities and services all increased in single figures.
Discount chains and department stores demonstrated particularly robust performance, with revenues climbing 9.3 percent and 12.2 percent respectively. Convenience store sales maintained upward momentum for a fourth consecutive month.
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