South Korea registers 2 per cent growth in retail sales in May

Consumers all over the world are still afraid of stepping out but South Korean retail has been seeing a surge.

For the month of May, retail in the country jumped 2 per cent as compared to the same period a year ago. This is testament to the pent up demand in consumers who are opting to shop online, still shunning offline stores to some extent.

Online shopping portals, notably, registered a growth of 13.5 per cent in revenue for the month of May.

According to the South Korean Ministry of Trade, Industry and Energy, the combined sales of 26 major retailers in both online and offline spheres reached 11.63 trillion won (or US $ 9.65 billion) as compared to 11.4 trillion won for the previous year.

Online sale of food and perishable items was up almost 39 per cent while daily necessities and furniture grew at 22.7 per cent. Revenue at online shopping malls hiked up 14.2 per cent, while offline stores registered shedding 0.9 per cent over the period.

However, the upswing in revenue figures from last year is majorly credited to the purchase of sanitary and food items on online platforms. The ready availability of essentials online has made it easier for the Korean population to follow social distancing norms.