Retail

Korea's online retail sales up 7.8 per cent YoY in Feb 2023: Ministry

30 Mar '23

2 min read

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Insights

South Korea's online retail sales grew by 7.8 per cent YoY in February, offline retail sales expanded by 8 per cent YoY.
The country's overall retail sales expanded by 7.8 per cent YoY.
The growth is attributed to an increased number of operating days and a base effect from the Omicron outbreak.
Fashion and clothing categories drove the growth.

South Korea's online retail sales saw a 7.8 per cent year-on-year (YoY) overall increase in February 2023, driven by a substantial rise in demand for fashion and clothing (up 12 per cent YoY) due to increased outdoor activities and overseas travel, according to the country’s ministry of trade, industry, and energy (MOTIE). The country’s offline retail sales expanded by 8 per cent YoY in February.

The country’s total retail sales saw YoY growth of 7.9 per cent in February. The growth in sales is attributed to an increased number of operating days due to earlier Seollal holidays and a base effect from the Omicron outbreak.

Clothing and sports categories showed notably strong growth, especially in physical stores. Hypermarket store chains saw sales rise by 5.8 per cent YoY, with double-digit growth in sports (up 10.9 per cent YoY), clothing (up 14.5 per cent YoY), and miscellaneous (up 10.8 per cent YoY), as per the ministry.

Department store chains’ sales increased by 8.6 per cent, as early sale for new spring season products and outdoor activities boosted demand for clothing. Women’s casual clothes, kids/sports clothes, women’s suits, men’s suits, and miscellaneous all saw double-digit growth.

Furthermore, convenience stores also enjoyed a 10.2 per cent rise in sales, attributed to continued trends of small purchases and close-proximity shopping.

The ministry surveyed 26 major retailers monthly, half of which were brick-and-mortar retailers while the others were online.

Fibre2Fashion News Desk (DP)

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