- Korea’s retail sales post 6.1% year-on-year growth in January 2021-02-25
The Ministry of Trade, Industry and Energy announced on February 25 that Korea’s overall retail sales in January posted a 6.1 percent year-on-year growth.
Offline sales fell 5.8 percent, while online sales jumped 22.6 percent.
The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super supermarket” (SSM) operators. The other half are online retailers.
Sales at physical stores contracted due to reduced outdoor activities and later-than-usual Seollal holiday.
Convenient stores saw a 2.4 percent rise in sales despite decreases in miscellaneous goods (down 18.2 percent) and daily necessities (down 14.8 percent). Beverages and processed foods showed a 7.4 percent growth.
Meanwhile, sales at hypermarket chains fell 11.7 percent due to declines in miscellaneous goods (down 42.0 percent), clothing (down 29.3 percent), and household goods (down 26.6 percent).
Those at department store chains lost 6.3 percent. The overall sales went down because of slowdowns in miscellaneous goods (down 31.8 percent) and women’s casual (down 30.5 percent), but the year-on-year contraction was smaller compared to the past two months due to strong sales of household goods (up 41.4 percent) and global brands (up 21.9 percent).
SSM operators experienced a sales decline of 3.3 percent due to a continued downturn in non-food products.
Sales at online stores, on the other hand, expanded 22.6 percent. Food products made up the biggest share in online sales (25.5 percent) due to strong demand for Seollal holiday gift sets. Home appliances (up 43.3 percent) and household goods (up 22.1 percent) also went up as people spent more time at home.