South Korea's Retail Market Rebounds in May: Double-Digit Online Growth, Luxury Goods Drive First Offline Rise in Four Months



Industry News
South Korea's Retail Market Rebounds in May: Double-Digit Online Growth, Luxury Goods Drive First Offline Rise in Four Months

South Korea's retail sector showed signs of recovery in May, with offline sales returning to growth after a four-month slump, driven by strong demand for high-value products, data from the Ministry of Trade, Industry and Energy revealed on Wednesday.

 
 
 
South Korea's retail sector showed signs of recovery in May, with offline sales returning to growth after a four-month slump, driven by strong demand for high-value products, data from the Ministry of Trade, Industry and Energy revealed on Wednesday.

 

Last month, sales of major offline retailers rose 0.9% year-on-year, ending three consecutive months of decline. Meanwhile, sales of key online platforms surged 13% from a year earlier. Combined, total sales of offline and online retailers grew 7% year-on-year.

 

The ministry attributed the offline sales rebound to rising consumer prices and robust demand for high-priced items. Within the offline segment, sales of luxury goods such as jewelry and watches jumped 8.1% year-on-year. In contrast, sales of home appliances and fashion products fell 7.8% and 3.7% respectively.

 

In the online space, sales of food delivery, e-commerce coupons and travel-related services soared 37.3% year-on-year, while grocery delivery services saw an 18.2% increase in revenue, reflecting sustained consumer preference for digital shopping convenience.

 

The data signals a gradual recovery in South Korea's retail market, with a divergent performance between high-end goods and daily necessities highlighting shifting consumer spending patterns amid economic uncertainties.
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