S Korea: Retail sales surged last year as people got ready to go out

S Korea: Retail sales surged last year as people got ready to go out

by Pranali Mehta

Consumers in South Korea reportedly bought more clothes and bags in 2021, having spent mostly on home appliances, furniture, and cars in 2020 during the first year of the pandemic, as per Statistics Korea.

As COVID-19 persisted and kept people at home, furniture and home appliance businesses have been thriving in the past two years, while shoe shops continue seeing sluggish sales.

According to the latest statistics, the retail sales index grew by 5.5% in 2021, signifying that there was a 5.5% increase in the amount of goods sold to end consumers.

Sales of semi-durable products that are cheaper than durables and can be used for longer than a year, such as bags and clothes, rose 12.4% last year, becoming the sharpest growth since 1999. This can be attributed largely to a 12.6% dip in their sales in 2020.

It also shows that consumers spent on clothes and bags last year after having put them off the previous year due to the pandemic.

Sales of bags, which had dipped to 32.1% in 2020, jumped to 38.1% last year, making them the bestselling semi-durable item.

Sales of clothing as well, which fell 17.4% in 2020, jumped by 15% in 2021 as people who were staying home for longer hours due to the pandemic started getting ready to go out more.

An official from Statistics Korea stated that the consumption of semi-durable goods grew during the end of last year, which was largely a good year in terms of sales of durable goods as well.

Sales of durable goods remained moderate in 2021, showing sluggish growth as compared to 2020.

Sales of furniture also grew by 5% in 2021, having increased by 21.2% in 2020, while sales of home appliances surged by 9.5% as compared to the 21.2% jump in 2020.

Passenger car sales fell marginally by 0.3% last year after having soared by 16.3% in 2020.

The official added that as people were not going out as much as they did pre-pandemic, the sales of shoes remained low, declining by 2.2% last year after having dipped 20.6% in 2020. 

Source credit: http://www.koreaherald.com/view.php?ud=20220207000637

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...