South Korea’s Retail Sales Post 7 Percent Surge in May
(MENAFN) South Korea’s retail sector posted a strong performance in May, with total sales rising 7.0 percent year-on-year, driven by robust online purchases of food, daily essentials, and services, government figures revealed Wednesday.
Data from the Ministry of Trade, Industry and Energy showed that combined revenue from both offline and online retail channels maintained the same 7.0 percent growth rate as in April.
Online retail sales soared by 13.0 percent last month, extending a remarkable streak of double-digit growth for 21 consecutive months since September 2023.
Offline retailers experienced a 0.9 percent increase in sales compared to May of the previous year, marking their first growth after four months of decline.
Demand for food products in the digital space surged 18.2 percent, while online sales of everyday necessities climbed 6.0 percent.
Online service-related sales—including travel bookings, food delivery, and e-coupon purchases—jumped 37.3 percent. However, sports goods saw a significant double-digit drop in sales.
In physical stores, sales of food and daily essentials nudged up by single digits, whereas offline sales of sports equipment, apparel, and home appliances fell by single-digit margins.
Discount stores and department stores reported increased revenue, supported by rising product prices. Conversely, convenience stores faced a single-digit decline in sales during May.
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