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S. Korea Reports 5.6 Percent Increase in Retail Sales
(MENAFN) South Korea's retail sector posted solid single-digit growth in March, propelled by a record influx of foreign tourists and a seasonal wave of back-to-school spending, official government figures revealed Wednesday.
Combined revenue across major offline and online retailers climbed 5.6 percent year-on-year last month, according to data from the Ministry of Trade, Industry and Resources — a deceleration from the 7.9 percent expansion recorded in February, yet still a reflection of sustained consumer activity across the country.
The digital retail channel continued to outpace its brick-and-mortar counterpart, with online retailers posting an 8.1 percent revenue gain against a comparatively modest 1.9 percent increase for offline stores.
A key driver behind March's performance was a historic surge in inbound tourism. Foreign visitor arrivals hit an all-time monthly record of 2.06 million, injecting fresh spending power into the broader retail ecosystem and lending considerable momentum to the overall growth figure.
The breakdown by category painted a nuanced picture. In physical stores, food purchases contracted by 6.2 percent, while demand for daily necessities, clothing, and sporting goods edged up in single-digit territory. Department stores and convenience outlets recorded revenue gains, whereas discount retailers saw sales fall by double digits.
Online commerce told a more dynamic story. Food purchases through digital platforms surged 10.6 percent, and home appliances, cosmetics, and infant and children's products all registered double-digit online expansion. However, online service categories — spanning travel bookings, food delivery, and e-coupon transactions — remained flat throughout the month.
Combined revenue across major offline and online retailers climbed 5.6 percent year-on-year last month, according to data from the Ministry of Trade, Industry and Resources — a deceleration from the 7.9 percent expansion recorded in February, yet still a reflection of sustained consumer activity across the country.
The digital retail channel continued to outpace its brick-and-mortar counterpart, with online retailers posting an 8.1 percent revenue gain against a comparatively modest 1.9 percent increase for offline stores.
A key driver behind March's performance was a historic surge in inbound tourism. Foreign visitor arrivals hit an all-time monthly record of 2.06 million, injecting fresh spending power into the broader retail ecosystem and lending considerable momentum to the overall growth figure.
The breakdown by category painted a nuanced picture. In physical stores, food purchases contracted by 6.2 percent, while demand for daily necessities, clothing, and sporting goods edged up in single-digit territory. Department stores and convenience outlets recorded revenue gains, whereas discount retailers saw sales fall by double digits.
Online commerce told a more dynamic story. Food purchases through digital platforms surged 10.6 percent, and home appliances, cosmetics, and infant and children's products all registered double-digit online expansion. However, online service categories — spanning travel bookings, food delivery, and e-coupon transactions — remained flat throughout the month.
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