Retail sales were on the rise in South Korea in the last weeks, rising by 14.4 percent compared against October last year. The country’s Ministry of Industry said Monday that special offers, colder weather and ‘revenge shopping’ were the main drivers for this year-on-year growth.
Sales of imported luxury goods have been growing in popularity over the past months, responding to the so-called ‘revenge shopping’ or consumers splurging in goods that bring them comfort in lieu of those activities such as socialising or travelling, highly restricted due to the pandemic.
The combined sales of 25 major offline and online retailers reached 13.6 trillion won (11.41 billion dollars) last month, ahead of last year’s 12.01 trillion won, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores rose 10 percent on-year in October, with online retail platforms logging a 19.7 percent on-year sales increase, per official data.
Department stores noted the major improvement, with sales jumping 21 percent aided by demand for winter clothing and outdoors equipment, especially golf. Their sales of luxury goods, and sporting and kids items advanced 39.4 percent and 19.6 percent, respectively, the ministry said.
Good news as well for discount chain stores, which put an end to a two-month losing streak also saw their sales go up 1.4 percent, ending, as major chains, including E-mart and Lotte Mart, held the consumption-boosting sales events last month, according to the industry.