South Korea Retail Sales Up 9% in May on Consumer Sentiment, Holidays
En resumen
- South Korea's retail sales surged 9% year-on-year in May, fueled by positive consumer sentiment, major holidays like Children's Day and Parents' Day, and increased foreign tourist spending.
- Both online and offline platforms saw significant growth, with online sales contributing 58.6% of the total.
Resumen generado por IA
SEOUL, June 24 (Yonhap) -- Sales at major retailers rose 9 percent in May from a year earlier, data showed Wednesday, driven by improving consumer sentiment and stronger revenue at both online and offline platforms.
South Korea's retail sales increased 9 percent from a year earlier, also supported by major holidays, such as Children's Day and Parents' Day, according to the Ministry of Trade, Industry and Resources.
Offline retailers reported a 9.3 percent increase in sales, led mainly by department stores and convenience stores.
The industry ministry attributed the strong performance to an increase in foreign tourists, while early summer heat boosted sales of beverages.
Revenue at major online retail platforms rose 8.8 percent from a year earlier in May, maintaining solid growth in food, electronics and children's products.
Online platforms accounted for 58.6 percent of total retail sales in May.
