Retail sales rise 9% in May amid improving consumer sentiment
Shoppers visit a shopping outlet in Paju, Gyeonggi Province, June 14. Yonhap
Sales at major retailers rose 9 percent in May from a year earlier, data showed Wednesday, driven by improving consumer sentiment and stronger revenue at both online and offline platforms.
Korea's retail sales increased 9 percent from a year earlier, also supported by major holidays, such as Children's Day and Parents' Day, according to the Ministry of Trade, Industry and Resources.
Offline retailers reported a 9.3 percent increase in sales, led mainly by department stores and convenience stores.
The industry ministry attributed the strong performance to an increase in foreign tourists, while early summer heat boosted sales of beverages.
Revenue at major online retail platforms rose 8.8 percent from a year earlier in May, maintaining solid growth in food, electronics and children's products.
Online platforms accounted for 58.6 percent of total retail sales in May.