Recent data reveals a significant increase in South Korea's retail sales, primarily fueled by the robust demand for e-commerce services. According to the Ministry of Trade, Industry, and Energy, retail sales in February rose by 4.4% compared to the same month last year. This growth is largely attributed to the booming online shopping and food delivery services.
The online sector experienced a substantial 16.7% increase in sales year-over-year. Notably, food sales grew by 14.9%, while online services, including food delivery and electronic coupons, saw a remarkable 76.3% rise. These figures highlight the shifting consumer preference toward digital platforms.
In anticipation of the new school term, sales of home appliances and electronics rose by 3.6%, marking a recovery after four consecutive months of decline. However, sales through offline platforms experienced a 7.7% decrease in February compared to the previous year. This decline is partly due to the earlier timing of the Lunar New Year holiday, which fell in late January this year.
Supermarkets and department stores were particularly affected, with sales dropping by 18.8% and 3.6%, respectively.
