This file photo taken March 20, 2023, shows a department store in Seoul crowded with customers. (Yonhap)
SEOUL, June 28 (Korea Bizwire) – Retail sales in South Korea rose 5.7 percent on-year in May as consumers celebrated holidays amid the lifting of COVID-19 restrictions, the industry ministry said Wednesday.
The combined sales of 25 major offline and online retailers came to 15 trillion won (US$11.5 billion) last month, compared with 14.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
The on-year increase came after people resumed outdoor activities as they returned to pre-pandemic normalcy, compared with the previous year when South Korea was hit by the omicron variant of COVID-19.
South Koreans also enjoyed a substitute holiday for Buddha’s Birthday for the first time in May, after the government decided to grant an extra day off when the occasion, along with Christmas, coincides with a weekend.
Sales of offline retailers moved up 3.7 percent on-year, with those of supermarkets moving up 1.7 percent over the period on the back of strong sales of food.
The performance of department stores, however, moved down 0.2 percent on-year in May, as consumers tightened their belts amid the growing concerns over an economic slump.
Sales from convenient stores surged 9.2 percent following their promotional events, along with the rising demand for ready-to-eat meals.
Online platforms saw their sales advance 7.9 percent on-year in May, driven by the strong demand for food and daily necessities.
Amid the economic slowdown, however, consumers spent less on clothes and sports items, with sales of the two sectors falling 0.2 percent and 4.9 percent, respectively, the data showed.
(Yonhap)
