Retail sales up 6.7% in October on longer-than-usual Chuseok holiday: data

Customers browse Chuseok holiday gifts at a discount store in Seoul, Sept. 30. Courtesy of Shinsegae

Retail sales in Korea rose 6.7 percent from a year earlier last month, led by increased buying during the extended Chuseok holiday, government data showed 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.

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 percent on-year, while online sales advanced 6.8 percent in October.

In detail, department stores saw sales rise 12.2 percent, while large discount stores posted a 9.3 percent on-year gain.

Sales at convenience stores inched up 0.7 percent, 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 percent.

Online platforms accounted for 52 percent of total retail sales in October, up 0.1 percentage point from a year ago, the ministry said.