Retail sales in South Korea increased 10.5 percent on-year in the first half of this year, data showed Tuesday, on the back of aggressive discount events launched by online shopping platforms amid growing competition from Chinese players. The combined sales of 25 major offline and online retailers reached 93.4 trillion won (US$67.5 billion) over the January-June period, compared with 84.5 trillion won recorded a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. By sector, sales from offline stores rose 3.4 percent, driven by the popularity of small-portion products from convenience stores. Sales from online platforms surged 17.5 percent as local platforms introduced various promotional events amid the growing popularity of Chinese players, such as AliExpress and Temu. Online platforms accounted for 53.5 percent of total sales in the first half, up from 50.3 percent a year earlier, the ministry said. In June alone, retail sales increased 11.1 percent on-year, sup ported by an increase in the number of holidays during the period, which totaled 11, up two from the same period last year. The industry ministry noted that more shoppers spent money in supermarkets and convenience stores as they chose to eat at home instead of dining out amid lingering inflation. Online sales advanced 18.4 percent on-year in June, driven by growing demand for home appliances, including air conditioning systems. This was attributed to the number of days with the highest temperature exceeding 30 degrees Celsius, which reached 17 in June, up from just six in 2023, the ministry added. Source: Yonhap News Agency
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