S. Korea Posts 3.7 Percent Growth in August Retail Sales
(MENAFN) South Korea's retail sector experienced a modest 3.7 percent year-on-year increase in August, driven largely by strong online demand, government data revealed Wednesday. This growth notably slowed from July’s 9.1 percent surge, according to the Ministry of Trade, Industry and Energy.
Online retailers saw a robust 10.5 percent rise in revenue last month, buoyed by soaring food sales and daily necessities. In contrast, offline retail sales contracted by 3.1 percent in August after a 2.7 percent gain the previous month.
Food sales on digital platforms surged 16.3 percent, while online purchases of everyday essentials grew 6.5 percent. Service-related online demand—including travel bookings, food delivery, and e-coupon sales—jumped 18.1 percent. However, sales for clothing and sports goods declined by single-digit percentages.
Offline, demand for home appliances plummeted by double digits, with clothing, food, and daily necessities also posting single-digit drops. Department and convenience stores managed modest increases of 2.8 percent and 1.1 percent, respectively. Meanwhile, discount store sales fell sharply by 15.6 percent.
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