Korean Economy News
S. Korea’s retail sales jumps 13.7% on stronger consumer confidence
2021-05-27

[Photo by Lee Seung-hwan]

[Photo by Lee Seung-hwan]

Retail sales in South Korea maintained a double-digit year-over-year growth on strengthening consumer sentiment on the back of signs of economic recovery.

The combined sales of the nation’s major online and offline retailers jumped 13.7 percent in April from the same month a year ago, according to the data released by the Ministry of Trade, Industry and Energy on Thursday.

Retail sales grew by a double-digit percentage for three consecutive months from 10 percent on-year gain in February and 18.5 percent in March.

Sales from offline stores rose 11.2 percent from a year ago. The growth was mostly owed to the low-base effect from the same month last year when the offline retail sales had tumbled 5.5 percent from the previous year on rapid virus spread. The rebound was also led by the recovery in consumer confidence.

[Graphics by Song Ji-yoon]

[Graphics by Song Ji-yoon]

Department stores saw their sales soar 34.5 percent from last year and convenient stores sales also jumped 11.6 percent.

But sales of large discount stores and supermarket chains of retail conglomerates called super supermarkets (SSMs) declined 2.8 percent and 11.7 percent, respectively.

Online sales gained 16.5 percent in April from a year ago due to the increasing demand for online shopping and food delivery.

Sales from appliance rental, food delivery and electronic coupons surged 62.6 percent on year. Online fashion purchases gained 19.9 percent, cosmetics 19.8 percent, food 18.9 percent and electronic devices and appliances 8.3 percent.

By Choi Mira

[? Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]



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