Online shopping drives South Korea retail sales jump

Retail sales in South Korea grew 10.8 per cent on-year in April on the back of stronger demand from the online segment, data showed Tuesday.

The combined sales of 25 major offline and online retailers came to US$11.2 billion for last month, compared with $10.2 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

Offline store sales moved down 0.2 per cent during the period due to the reduced number of weekend days, which totaled eight, down two from the previous year.

Supermarket sales fell 6.7 per cent, following weaker demand for electronics, daily necessities and sports items.

Sales at department stores also decreased 2 per cent, with the demand for imported luxury items falling 3.3 per cent.

Convenience stores, on the other hand, saw their sales advance 5.9 per cent on the back of tobacco products and processed food.

Sales from online platforms shot up 22.2 per cent as local retailers rolled out promotion events to address the growing popularity of overseas platforms.

Online platforms accounted for 54 per cent of total sales in April, up from 49 per cent a year earlier, the ministry said.

This story was originally published by Yonhap, via Korea Bizwire.