Seoul: South Korean retailers experienced a significant increase in sales, with figures rising nearly 12 percent in January compared to the previous year, primarily due to the extended Lunar New Year holiday, as recent data revealed.
According to Yonhap News Agency, the combined revenue of major retail companies in South Korea rose by 11.7 percent from a year ago. This growth is attributed to the timing of the Lunar New Year Day, which occurred in late January, earlier than in 2024. The holiday period this year spanned from January 25 to 30, whereas last year's festivities lasted for four days starting on February 9.
The breakdown of sales by platform shows that the offline sector experienced an 8.8 percent increase on-year, while the online sector saw a rise of 14.6 percent. Specifically, offline sales at supermarkets demonstrated the most substantial growth at 16.1 percent, followed by department stores at 10.3 percent, and convenience stores at 1.7 percent.
When examining sales by item, food sales increased by 15.1 percent compared to the previous year. Additionally, revenue from popular foreign brands surged by 17.3 percent. However, the home appliance segment faced a decline, with sales decreasing by 4.4 percent.