In 2023, retail sales in South Korea grew by 6.3 percent compared to the previous year. Online retail sales recorded about 9 percent of the growth that year, while offline retail sales also continued to increase after negative growth rates during the last years.
Retail channels
Amidst the COVID-19 pandemic, the popularity of online retailing was accelerated, leading to a major increase in online retail sales in 2020. At the same time, offline retail suffered from social distancing measures and people staying at home in order to avoid meeting other people. However, in 2021 retail sales showed growth in both categories, likely due to pent-up demand. Department stores were the offline retail channel that reported the largest growth that year, with a sharp increase in monthly sales.
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MOTIE (South Korea). (January 30, 2024). Retail sales growth in South Korea from 2016 to 2023 [Graph]. In Statista. Retrieved July 23, 2024, from https://www.statista.com/statistics/972929/south-korea-retail-sales-growth/
MOTIE (South Korea). "Retail sales growth in South Korea from 2016 to 2023." Chart. January 30, 2024. Statista. Accessed July 23, 2024. https://www.statista.com/statistics/972929/south-korea-retail-sales-growth/
MOTIE (South Korea). (2024). Retail sales growth in South Korea from 2016 to 2023. Statista. Statista Inc.. Accessed: July 23, 2024. https://www.statista.com/statistics/972929/south-korea-retail-sales-growth/
MOTIE (South Korea). "Retail Sales Growth in South Korea from 2016 to 2023." Statista, Statista Inc., 30 Jan 2024, https://www.statista.com/statistics/972929/south-korea-retail-sales-growth/
MOTIE (South Korea), Retail sales growth in South Korea from 2016 to 2023 Statista, https://www.statista.com/statistics/972929/south-korea-retail-sales-growth/ (last visited July 23, 2024)
Retail sales growth in South Korea from 2016 to 2023 [Graph], MOTIE (South Korea), January 30, 2024. [Online]. Available: https://www.statista.com/statistics/972929/south-korea-retail-sales-growth/