Seoul: South Korean retailers saw their offline sales increase for the first time in four months in May, driven by strong demand for high-value products, data showed Wednesday. Last month, revenue of major offline retail companies rose 0.9 percent from a year earlier, snapping a three-month streak of on-year declines, while sales from major online platforms climbed 13 percent.
According to Yonhap News Agency, data compiled by the Ministry of Trade, Industry and Energy revealed that the combined revenue of offline and online retailers expanded 7 percent on-year. The ministry attributed the growth in offline sales to higher consumer prices and robust demand for high-priced items.
In the offline sector, revenue from luxury goods, such as jewelry and watches, grew 8.1 percent on-year. However, sales from home appliances and fashion items dropped 7.8 percent and 3.7 percent, respectively, reflecting varied consumer preferences across different product categories.
Meanwhile, the online sector saw significant growth, with sales of food delivery, e-commerce coupons, and travel-related services jumping 37.3 percent. Revenue from grocery delivery services also advanced by 18.2 percent, indicating a continued preference for online shopping options among consumers.