Banks' household mortgage lending rates rise for 3rd month in July

Retail sales surged by 6.4 percent in July, driven by the vacation season's increased spending, according to data released on Wednesday. The rise was noted for its strong performance compared to the same period last year. This growth was also fueled by an upsurge in demand for delivery services and travel-related items. The Ministry of Trade, Industry and Resources reported that offline retailers saw a 3.2 percent increase in sales, with department stores and convenience stores contributing to this surge.

These sectors reported on-year gains for 13 consecutive months, marking a significant improvement. The overall sales at department stores rose by 17.9 percent, encompassing a wide array of products. This included popular imported fashion brands, vacation-related goods, and air conditioning products. Similarly, sales at convenience stores experienced a 1.1 percent increase, despite a decline in the footfall.

This was attributed to a higher spending per customer. The report also highlighted an impressive 8.5 percent jump in online sales, primarily driven by food delivery services, grocery purchases, and home appliances. Online platforms accounted for 60.8 percent of the total retail sales.