South Korean Retail Sales Rise in Single Digits in August
1 report, 1 independent
Updated Sep 23
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What happened
In August, retail sales in South Korea increased in single digits, according to government data published on September 23. The combined revenue of 26 major retailers, which included 15 offline and 11 online businesses, grew 7.7 percent compared to the previous year. This growth was attributed to early holidays, such as Chuseok, and a prolonged heatwave.
From english.news.cn
Why it matters
The growth highlights strong consumer spending in the country. Offline retail sales advanced 5.4 percent, while online retail sales swelled 9.3 percent. Specific sectors showed particular strength, with department store sales increasing by 11.9 percent.
From english.news.cn
Who's involved
- SeoulThe primary market area for the reported retail sales figures.
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The entities involved
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Seoul
capital and largest city of South Korea