South Korea’s retail sales up 9.2% YoY in 2022

Both online and offline sales posted strong growth.

South Korea’s retail sales increased by 9.2% year-on-year in 2022, on the back of strong growth in online and brick-and-mortar sales, according to the Ministry of Trade, Industry and Energy.

In a statement, the ministry said online sales grew by 9.5% YoY, whilst brick-and-mortar sales jumped 8.9% compared to the same period last year.

Online sales were driven by cosmetic purchases, performance tickets, and travel reservations as e-coupons, convenience food products and outdoor activities become more popular.

Meanwhile, the rise of close proximity shopping and a base effect from the pandemic boosted the sale of offline retailers.

Department store sales were up by 15.7%, whilst convenience store chains saw a 10.8% increase in sales. Sakes at hypermarket chains saw a 1.4% uptick.

On the other hand, super supermarket operators posted a 0.2% decline as sales of agriculture and fishery products, and daily necessities saw decreases.

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