Retail sales up 6.7 pc in Oct in South Korea on longer-than-usual Chuseok holiday: Data
Retail sales in South Korea rose 6.7 per cent from a year earlier last month, led by increased buying during the extended Chuseok holiday, government data showed on Wednesday.
The combined sales of 23 major offline and online retailers came to 16.3 trillion won ($11.1 billion) in October, up from 15.2 trillion won a year ago, according to the data compiled by the Ministry of Trade, Industry and Resources, reports Yonhap news agency.
Officials attributed the growth largely to a rise in sales from large discount stores and department stores, boosted by the Chuseok holiday, which ran longer than usual.
The holiday period ran for seven days this year as Chuseok fell between two other national holidays -- National Foundation Day on Oct. 3 and Hangeul Day on Oct. 9.
Sales at offline stores rose 6.6 per cent on-year, while online sales advanced 6.8 per cent in October.
In detail, department stores saw sales rise 12.2 per cent, while large discount stores posted a 9.3 per cent on-year gain.
Sales at convenience stores inched up 0.7 per cent, marking the fourth consecutive month of on-year growth, according to the ministry.
In contrast, sales at large-sized supermarkets, such as Lotte Super, fell 1.7 per cent.
Online platforms accounted for 52 per cent of total retail sales in October, up 0.1 percentage point from a year ago, the ministry said.
Meanwhile, South Korea's major export fair kicked off Wednesday, with this year's focus on promoting South Korean consumer goods, such as beauty and food products, amid soaring global popularity of Korean culture, the industry ministry said.
The 2025 Korea Grand Sourcing Fair (KGSF) is set to run through Thursday in Seoul, bringing together 880 Korean firms and 150 foreign buyers from 30 countries, including U.S.-based retail giant Walmart, Japanese retailer Marui and Chinese variety store chain Miniso, according to the Ministry of Trade, Industry and Resources.
