South Korea Sees 9.1 Percent Robust in July Retail Sales
(MENAFN) South Korea’s retail sector posted a robust 9.1 percent year-on-year increase in combined offline and online sales last month, fueled by strong online purchases of food, daily essentials, and services, government data revealed on Wednesday.
According to the Ministry of Trade, Industry and Energy, online retailer revenues soared 15.3 percent in July, while offline retail sales rebounded 2.7 percent after a 1.1 percent decline in June.
This growth follows the new administration of President Lee Jae-myung, who took office in early June and implemented an additional budget plan aimed at boosting consumer spending through cash handouts.
Online food demand surged by 24.2 percent, while sales of daily necessities climbed 10.0 percent. Services including travel, food delivery, and e-coupon purchases posted a striking 24.9 percent jump, with cosmetics and baby products also enjoying double-digit growth.
Offline sales showed mixed results: while home appliances and clothing dipped in single digits, food, sports goods, daily necessities, and service sectors experienced gains last month.
Department stores and convenience stores saw revenue rises of 5.1 percent and 3.9 percent, respectively, but discount outlets recorded a single-digit drop.
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