Retail sales rise 6.4% in July spurred by vacation season spending
Sales at major retailers gained ground in July from a year earlier, data showed Wednesday, following higher demand for delivery services and travel-related products amid the summer vacation season. Korea's retail sales increased 6.4 percent from a year earlier, also driven by stronger demand for popular imported fashion brands, according to the Ministry of Trade, Industry and Resources. Offline…
Korea's retail sales surged 6.4 percent in July compared to the previous year, data released on Wednesday revealed. Retail sales growth was fueled by increased demand for delivery services and travel-related products during the summer vacation season, according to the Ministry of Trade, Industry and Resources. Physical retailers experienced a 3.2 percent sales increase, primarily driven by department stores and convenience stores, both of which extended their consecutive monthly gains to 13 months.
The industry ministry reported strong sales across all product categories at department stores, which included imports of fashion brands, vacation goods, and air conditioning products, resulting in a 17.9 percent sales rise. Convenience store sales also expanded by 1.1 percent, despite a decrease in customer footfall, as per-customer spending grew.
Online purchases jumped 8.5 percent, primarily driven by food delivery services, grocery shopping, and home appliance purchases. Online platforms made up 60.8 percent of total sales.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
