According to Yonhap News,
Retail sales in South Korea rose 8.7 percent on-year in November on the back of major shopping events, the industry ministry said Tuesday.
The combined sales of 25 major offline and online retailers came to 16 trillion won (US$12.37 billion) last month, compared with 14.7 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
Sales of offline retailers climbed 4.5 percent on-year to 7.39 trillion won in November, as the country held the annual Korea Sale FESTA -- the Korean equivalent of Black Friday -- for 20 days from Nov. 10-30, in the largest-ever scale, where more than 2,500 companies offered big bargains.
Department stores saw their sales advance 6.8 percent last month, and sales at discount chain stores, such as E-Mart and Lotte Mart, inched up 1.3 percent on-year.
Convenience stores reported 4.2 percent sales growth, and sales of smaller supermarkets rose 4.2 percent on-year last month, the data showed.
By item, demand for fashion items and goods for children and sporting logged marked growth at offline stores.
Sales on online platforms jumped 12.7 percent to 8.57 trillion won as online shopping for daily necessities and services has become commonplace.
In detail, online platforms saw food sales surge 22 percent, and everyday items and electronics reported 14.1 percent and 12.2 percent sales growth, respectively, on online platforms last month.
Online platforms accounted for 53.7 percent of total sales in November, up from 51.8 percent a year earlier, the ministry said.
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Source: Yonhap News (December 26, 2023)