Retail sales in Korea jump 8.2% on yr in Sep. on 'revenge shopping'

[Photo by Lee Seung-hwan]

Retail sales in South Korea jumped last month on pent-up spending in line with progress in vaccination rate.

According to the data released by the Ministry of Trade, Industry and Energy on Thursday, the country’s retail sales totaled 13.2 trillion won ($11.3 billion) in September, up 8.2 percent from the same month a year earlier.

Online sales surged 14.5 percent, while offline sales expanded at a slower pace of 3.3 percent with brick-and-mortar stores showing mixed performances.

Big-box stores and small supermarket chains of retail conglomerates called super supermarket (SSM) saw a 13.3 percent and 16.1 percent on-year decline in revenue in September respectively due to the rapid increase in online shopping.

Department stores, on the other hand, recorded a 24.3 percent jump in sales as consumers went on a revenge shopping spree. Luxury brand sales soared 38.1 percent, household goods 17.4 percent and products for kids and sports 36.9 percent.

Revenue of convenience stores also gained 9 percent on strong sales of alcoholic beverages and snacks as well as processed food and daily necessities.

Online retail sales grew 14.5 percent on year in September as online grocery shopping has become the norm and demand shot up during the Chuseok holiday. Online food purchases gained 17.1 percent and cosmetics 19.9 percent thanks to the Chuseok holiday promotional events.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]