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)

 

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