South Korea's retail sales up by 7.8% y/y in July: Trade ministry
- 6 years ago
South Korea's overall retail sales increased last month…fueled by growing online spending on travel packages.
According to the Ministry of Trade, Industry, and Energy on Thursday…retail sales increased by 7-point-8 percent in July compared to the same period last year.
Online sales surged by 17-point-8 percent…continuing a nine-month streak of double digit growth.
The ministry attributed the hike to the increase in travel packages sold online.
This comes as many South Koreans traveled outside the country to escape the extreme heat that has been affecting the nation since mid-July.
Meanwhile, brick-and mortar retailers also saw a 2-point-3 percent increase in sales. Convenience store chains saw sales jump almost 9-percent last month…thanks to higher demand for chilled items such as ice cream and cold beverages.
According to the Ministry of Trade, Industry, and Energy on Thursday…retail sales increased by 7-point-8 percent in July compared to the same period last year.
Online sales surged by 17-point-8 percent…continuing a nine-month streak of double digit growth.
The ministry attributed the hike to the increase in travel packages sold online.
This comes as many South Koreans traveled outside the country to escape the extreme heat that has been affecting the nation since mid-July.
Meanwhile, brick-and mortar retailers also saw a 2-point-3 percent increase in sales. Convenience store chains saw sales jump almost 9-percent last month…thanks to higher demand for chilled items such as ice cream and cold beverages.