Both online, offline retail sales in Korea rise last year on pent-up demand

[Photo by MK DB]

Online and offline retail sales in South Korea both increased last year against the first pandemic year of 2020 on pent-up demand while international travel remained constrained, data showed.

According to the Ministry of Trade, Industry, and Energy on Thursday, online sales maintained double-digit growth of 15.7 percent last year versus the previous year, with food and grocery rising by 23.8 percent.

Cosmetics, electronic/ electronic goods, and furniture, saw their sales rising by 15.3 percent, 13.6 percent, and 8.7 percent, respectively, last year. Also, luxury goods sales rose 1.0 percent from a year ago as consumers bought brand goods online due to travel restrictions.

Offline sales increased 7.5 percent on year, led by 24 percent jump in department store sales on pent-up spending on luxury goods.

Sales of convenience stores added 6.8 percent while big-box retailers lost 2.3 percent from a year ago amid ongoing virus concerns.

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