, South Korea
Photo by Chinh Le Duc via Unsplash

Korea's retail industry increases 10.8% in April 2024

April saw a 22.2% surge in online sales.

Korea’s retail industry grew 10.8% year-on-year in April 2024, the Ministry of Trade, Industry and Energy announced on 28 May.

The data also said that offline sales dipped by 0.2%, whilst online sales surged by 22.2%.

The decline in offline sales can be attributed to the dispersion of supermarket discount promotions, which were previously concentrated in April 2023. Conversely, online sales surged due to heightened demand for convenience food products, travel packages, delivery services, and various discount offers.

The report showed that hypermarket sales dropped 6.7%, department store sales fell by 2.0%, and convenience stores saw a growth of 5.9%. Additionally, supermarkets witnessed a 3.2 percent increase.

In April, hypermarket sales dropped by 6.7%, primarily due to declines in home/living, home appliances/culture, miscellaneous goods, and sports items, whilst clothing sales increased by 2.7%.

Department store sales also fell by 2.0%, with decreases noted in men’s clothing, women’s suits, kids/sports items, and foreign designer labels. However, household goods sales improved by 2.9 percent.

Convenience stores experienced a 5.9% growth across all categories, particularly in tobacco, miscellaneous goods, beverages, and instant food products.

Moreover, supermarket operators saw a 3.2% increase in sales, despite a decrease in daily necessities, driven by higher sales in food products like agriculture, fishery, and livestock products, along with processed foods.

Online sales increase by 22.2 percent, driven by increased demand for food products, living essentials, and services. Fashion and clothing sales, however, experienced a slight decline.



 

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