Retail sales up nearly 14 pct in Feb. on holiday demand

SEOUL, Retail sales in South Korea rose 13.7 percent on-year in February on the back of rising demand during the Lunar New Year holiday, data showed Tuesday. The combined sales of 25 major offline and online retailers came to 14.7 trillion won (US$10.9 billion) last month, compared with 12.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Offline store sales shot up 11.5 percent on-year, as the holiday occurred in February this year, in contrast to January in 2023. Supermarkets' sales jumped 21 percent over the period, driven by stronger demand for foodstuffs that rose 29.5 percent as consumers prepared for family gatherings. Sales at department stores also rose 7.2 percent on-year in February, with imported luxury goods leading the overall gains. Convenience stores also saw their sales advance 9.4 percent over the period, led by ready-to-eat meal products. Sales from online platforms shot up 15.7 percent on-year in February, driven by robust d emand for foodstuffs that posted a 36.2 percent jump. Amid lingering inflation, however, consumers scaled back their online expenditures on fashion and sports items, which fell 9.5 percent and 4.3 percent, respectively. Online platforms accounted for 53.2 percent of total sales in February, up from 52.3 percent a year earlier, the ministry said. Source: Yonhap News Agency