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Korea’s retail sales in June gain 11.4% 2021-07-27
The Ministry of Trade, Industry and Energy announced on July 27 that Korea’s overall retail sales in June increased 11.4 percent.
Both offline and online retailers experienced growth, up 4.8 percent and 19.6 percent, respectively.
The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super supermarket” (SSM) operators. The other half are online retailers.
Physical sales increased as the consumer sentiment recovered, but a base effect from last year’s COVID-19 relief package limited the expansion to 4.8 percent.
Sales at department store chains advanced 12.8 percent on the back of strong sales of global brands (up 31.5 percent) and golf-related products in the kids/sports category (up 17.0 percent).
Those at convenience store chains recorded a 6.0 percent growth due to increases in food products (up 9.1 percent) and cigarettes and other products (up 3.4 percent).
Meanwhile, hypermarket chains experienced a 2.4 percent decline in sales. Sales of seasonal home appliances contracted 15.2 percent due to the later than usual heat waves and increased precipitation compared to last year. Miscellaneous goods (down 29.4 percent) and daily products (down 15.3 percent) also decreased.
Sales at SSMs dipped 2.4 percent in June. Daily necessities (down 11.7 percent), miscellaneous goods (down 7.6 percent), and food products (down 1.5 percent) went down.
Sales at online stores grew 19.6 percent thanks to increased uses of food deliveries, e-coupons, and online shopping.
In particular, services/others (up 85.7 percent), food products (up 40.0 percent), cosmetics (up 19.0 percent), and home appliances (up 6.5 percent) saw growth.
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