Retail sales up 8.2% in September on 'revenge shopping' amid pandemic

Asia's Tech News Daily

Retail sales up 8.2% in September on 'revenge shopping' amid pandemic
This file photo taken on Sunday, shows people at a shopping mall in Seoul. (Yonhap)Retail sales in South Korea surged 8.2 percent in September from a year earlier, data showed Thursday, as consumers turned to “revenge shopping” amid the prolonged virus pandemic.

The combined sales of 25 major offline and online retailers reached 13.2 trillion won ($11.26 billion) last month, compared with 11.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

Sales from offline stores rose 3.3 percent on-year in September, with online retail platforms logging a 14.5 percent on-year sales increase, according to the data.

Department stores saw their sales jump 24.3 percent, as people purchased more home appliances and luxury items.

Sales of imported luxury products have been rising sharply amid the new coronavirus due to so-called revenge shopping, which refers to consumers seeking comfort by purchasing goods while social activities and travel are restricted.

Convenience stores saw their sales increase 9 percent, while those of discount chain stores and smaller supermarkets dropped 13.3 percent and 16.1 percent, respectively, according to the data.

Sales of groceries and cosmetics from such platforms moved up 17.1 percent and 19.9 percent, respectively, and the service sector, which includes food delivery, saw its sales spike 44.9 percent, it showed. (Yonhap)


Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Alibaba overhauls e-commerce businesses, appoints new CFO

FILE PHOTO: Logo of Alibaba Group is seen at its office building in Beijing, China (Reuters) -Alibaba Group Holding Ltd said on Monday it was reorganising its international and domestic ... Read more »

China Evergrande shares hit 11-year low after firm says no guarantee it can meet repayments

FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong By Clare Jim HONG KONG (Reuters) – Shares of China Evergrande Group tumbled 12% to an 11-year ... Read more »

Chinese Internet ADRs Selloff Is ‘Overdone,' Citigroup Says

1 / 2Chinese Internet ADRs Selloff Is ‘Overdone,’ Citigroup Says (Bloomberg) — Didi Global Inc.’s delisting plan is “an isolated case” for now and the there is nothing new in ... Read more »

Restructuring Looms; Kaisa Payment Deadline: Evergrande Update

1 / 4Restructuring Looms; Kaisa Payment Deadline: Evergrande Update (Bloomberg) — China Evergrande Group’s long-awaited debt restructuring may finally be at hand, while Kaisa Group Holdings Ltd. faces a potential ... Read more »

Gold Holds Advance as Virus Adds to Risks for Global Growth

1 / 2Gold Holds Advance as Virus Adds to Risks for Global Growth (Bloomberg) — Gold held onto Friday’s gain amid risk-off sentiment as investors weigh mixed labor data from ... Read more »

Cabinet may discuss Crypto Bill this week

The Union Cabinet could later this week discuss a legal framework for cryptocurrencies, which is likely to propose a complete ban on private digital currencies as legal tender. The government ... Read more »

SoftBank Slumps Another 6.5% After Barrage of Bad Portfolio News

1 / 2SoftBank Slumps Another 6.5% After Barrage of Bad Portfolio News (Bloomberg) — SoftBank Group Corp. extended a six-day slump with another drop of as much as 6.5% in ... Read more »

Oil Gains as Saudis Signal Confidence in Demand With Price Hike

(Bloomberg) — Oil rose after Saudi Arabia boosted the prices of its crude, signaling confidence in the demand outlook despite the spread of the omicron variant of the coronavirus. Most ... Read more »

Hedge Funds Cut Yen Shorts by Most Since Pandemic on Omicron

1 / 2Hedge Funds Cut Yen Shorts by Most Since Pandemic on Omicron (Bloomberg) — Hedge funds slashed their bearish yen wagers by the most in 20 months last week ... Read more »

Asia in cautious mood as Omicron spreads, U.S. CPI looms

An electronic stock quotation board is displayed inside a conference hall in Tokyo By Wayne Cole SYDNEY (Reuters) – Asian share markets got off to a cautious start on Monday ... Read more »

Third of householders targeted by ‘green' scams – survey

More than two-thirds of adults are thinking about making their home more energy efficient in the next 12 months (Rui Vieira/PA) (PA Wire) More than a third of householders have ... Read more »

Campaign group urges more support for small businesses in budget

A campaign group is calling for more support for small businesses in this week’s budget after figures showed Scotland lost almost 20,000 during a year of the pandemic. The Federation ... Read more »

UK gender pay gap unaffected by government policy over past 25 years

Photograph: Joe Giddens/PA Report find women are less likely to be in paid work, work eight fewer hours and paid 19% less an hour on average than men Government policies ... Read more »

Lapland confusion for teenagers facing quarantine

Package holiday giant TUI is contacting customers heading on family trips to Lapland this year after confusion reigned over Covid-19 testing rules that could have seen some families miss out ... Read more »

Halfords boss ‘very concerned' over shortage of mechanics for shift to electric

The boss of Halfords has called on the Government to address a shortage of specialist mechanics able to cope with its agenda to rapidly grow the number of electric cars ... Read more »

CBI revises next year's economic growth forecast down to 5.1%

Accountant KPMG is even gloomier, predicting 2.6% growth if social distancing rules are imposed Economic forecasters have slashed expectations for Britain’s recovery and said further pain could follow, depending on ... Read more »

Tesco could face empty shelves over pay dispute, Unite union says

Photograph: Tolga Akmen/AFP/Getty Images Logistics workers vote for pre-Christmas strike at four UK depots unless firm raises offer to keep up with inflation Strike action at Tesco could lead to ... Read more »

How to extend the life of your appliances this winter

As a cold winter approaches and fuel bills continue to stretch household finances, it is important to ensure we are getting our money's worth out of our appliances. Brits will ... Read more »

Japan government considering lifting FY2022 economic growth forecast -NHK

Japanese national flags flutter in front of buildings at Tokyo’s business district TOKYO (Reuters) – The Japanese government is considering raising its economic growth forecast for fiscal 2022 to take ... Read more »

Infinity Lithium, thyssenkrupp to assess green hydrogen potential in lithium production

FILE PHOTO: Thyssenkrupp’s logo is seen outside elevator test tower in Rottweil (Reuters) – Australia's <a href="/tag/infinity-lithium-corp-ltd”>Infinity Lithium Corp Ltd said on Monday it will collaborate with a unit of ... Read more »

Bull market has legs into year-end and beyond, strategist says. Her top picks for 2022

Stocks still have a chance of rallying into year-end, says strategist Mona Mahajan. The major averages ended the week in the red Friday, weighed down by omicron fears, a weaker-than-expected ... Read more »

S&P 500 futures gain slightly despite recent tech stock selling, bitcoin's weekend rout

S&P 500 futures were higher even after a losing week on Wall Street as investors ditched equities amid concerns over the new omicron Covid variant and the Federal Reserve's move ... Read more »

Growth of insurance firms' lending slows in Q3

SEOUL, Dec. 6 (Yonhap) — South Korean insurance companies saw their lending grow at a slower pace in the third quarter from three months earlier due to tougher rules on ... Read more »

Minister hails ‘huge opportunities' to deepen US trade links on first visit

The International Trade Secretary has said there are “huge opportunities to deepen the trading links benefiting communities on both sides of the Atlantic” ahead of a three-day visit to the ... Read more »

Divest brown coal or risk losing out in renewables race, ENKRAFT tells RWE

RWE holds capital markets day By Christoph Steitz and Tom Käckenhoff FRANKFURT/DUESSELDORF (Reuters) – RWE risks falling behind in the fast growing and competitive renewables sector if it fails to ... Read more »

Stocks Seen Weaker Amid Investors' Risk-Off Mood: Markets Wrap

(Bloomberg) — Stocks look set to start the week under pressure with investors looking to U.S. inflation data amid the Federal Reserve’s hawkish tilt and the impact of omicron as ... Read more »

5 Penny Stocks To Buy For Under $5 Right Now

Are These Penny Stocks On Your December Watch List? If you’re making a penny stocks watch list, you’re not alone. Right now, there are hundreds of penny stocks to choose ... Read more »

These Were the Ten Worst Performing Stocks of November 2021

November has historically been a strong month for the stock markets. This year, however, the concern over the new COVID-19 variant pulled back the rally a bit towards the end ... Read more »

RBA May Highlight Weak Prices and Virus Risks in Rate-Hold Call

1 / 4RBA May Highlight Weak Prices and Virus Risks in Rate-Hold Call (Bloomberg) — Australia’s central bank is likely to highlight the interval between building economic momentum and faster ... Read more »

Bank of England poised to loosen mortgage lending rules

A view of an estate agents in London The Bank of England is poised to loosen mortgage lending rules introduced in the wake of the financial crisis, in a move ... Read more »

Saudi Wealth Fund to Raise Up to $3.1 Billion in STC Stake Sale

(Bloomberg) — Saudi Arabia’s sovereign wealth fund is set to raise as much as $3.1 billion through the sale of shares in Saudi Telecom Co. as it looks to fund ... Read more »

Singapore suspends crypto exchange over row with K-pop band BTS

Singapore’s financial regulator has reportedly suspended Bitget, a crypto exchange that is mired in a row involving South Korea’s biggest boyband, BTS. Bitget has removed the Monetary Authority of Singapore’s ... Read more »

Didi Sends Warning to China Investors Who Thought Worst Was Over

1 / 3Didi Sends Warning to China Investors Who Thought Worst Was Over (Bloomberg) — Even by the volatile standards of Chinese stocks, the swings in Didi Global Inc. on ... Read more »

Recruiters struggle to recruit recruiters amid ‘Great Resignation'

A man walks by a ‘Now Hiring’ sign Recruitment giants are struggling to snap up enough headhunters as they embark on a hiring spree to cope with the ‘Great Resignation’ ... Read more »

Delivery Hero Fails Again to Take Over a Rival in Saudi Arabia

(Bloomberg) — Most Read from Bloomberg Delivery Hero SE’s second attempt to buy a Saudi rival has failed after the local competition watchdog rejected its takeover offer for The Chefz. ... Read more »

Shock to Crypto Daredevils Joins List of Scary Omens in Markets

Shock to Crypto Daredevils Joins List of Scary Omens in Markets (Bloomberg) — A brutal bout of selling that wiped billions of dollars from profitless growth companies, IPO stocks and ... Read more »

Dieselgate: British car buyers' claim against VW reaches high court

Photograph: Guy Bell/Rex 90,000 seek compensation after finding their cars emit more air pollutant than the company said Volkswagen deceived British car buyers by falsifying the green credentials of its ... Read more »

Crackdown on crypto firms needed to ‘wreck' ransomware, says ex-GCHQ boss

Robert Hannigan, former head of GCHQ Regulators need to “wreck the business model” of ransomware gangs by cracking down on cryptocurrency companies that facilitate Bitcoin payments, according to the former ... Read more »

Powell's Fast-Taper Signal Presages Agile Fed on 2022 Rate Hikes

Powell’s Fast-Taper Signal Presages Agile Fed on 2022 Rate Hikes (Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Most Read ... Read more »

A fortnight ago the UK economy was looking up; then Omicron arrived

Photograph: Maureen McLean/Rex Like the government with Covid, the Bank of England faces a wait-and-see versus no-risk dilemma on interest rates So here we are again. Christmas is approaching and ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic