South Korea January department sales rise at fastest clip in 3 months
[SEOUL] South Korea's department store sales in January rose at the fastest pace in three months, trade ministry data showed on Monday, as demand rose thanks to the Lunar New Year holiday.
Combined sales last month at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae climbed 4.6 per cent in January for a year earlier, accelerating from 3.3 per cent in December.
January's rise was the fastest since a 6.0 per cent jump in October.
Retail sales tend to rise around Lunar New Year, which can fall anywhere between mid-January to mid-February, as consumers ramp up purchases of gifts and food.
A breakdown showed sales of nearly all product categories at department stores increased in January, except for women's formal wear and men's apparel.
The same data showed sales at discount stores jumped 11.3 per cent in January on an annual basis, on the back of the holiday. That was the fastest rise since sales soared 24.5 per cent in February 2015, and snapped two months of falls. January's biggest gain was for food products.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal