Impact of 'COVID-19 and Seol Holiday Demand'... January Retail Up 6.6% YoY

Increase in Mask Sales Due to COVID-19

Online 'Living & Furniture' Sales Up 10% YoY
Offline Convenience Store 'Household Goods' Also Up 17.8%

On the 24th, as concerns over the spread of COVID-19 grow, citizens and tourists wearing masks are visiting Namdaemun Market in Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] Last month, sales at major retailers increased by 6.6% compared to the same period last year. The government attributed this to the increased sales of hygiene products such as masks due to the impact of the novel coronavirus infection (COVID-19). The 'Seol holiday special' also contributed to the sales growth, with increased sales of agricultural, fishery, and livestock gift sets and gift certificates.

The Ministry of Trade, Industry and Energy announced on the 27th that a survey of sales trends last month at 26 major online and offline retailers showed that online retailers (13 companies) increased sales by 10.2% year-on-year, while offline retailers (13 companies) increased by 4.1%.

Online sales rose thanks to the Seol holiday special, with increased sales of agricultural, fishery, and livestock gift sets and gift certificates. Accordingly, sales in food (18.9%) and services/others (21.8%) increased.

As COVID-19 spread, sales of hygiene products such as masks increased, leading to a 10% year-on-year increase in sales in the 'living and household' category. Conversely, sales of products related to outdoor activities such as sports (-3%) and fashion/apparel (-1%) declined.

Offline sales also increased by 4.1% year-on-year last month as the Seol holiday moved earlier from February 5 last year to January 25 this year. The demand for gift sets shifted from February to January, which had a significant impact.

By store type, sales increased at large discount stores (6.2%), convenience stores (6%), and department stores (2.5%), while sales at semi-large stores (SSM, -6.7%) decreased.

At convenience stores, sales of daily necessities (17.8%) increased due to higher mask sales amid COVID-19. With the Seol holiday moving earlier than last year, sales of gift sets and gift certificates increased last month, boosting sales in processed foods such as beverages (9.5%) and miscellaneous goods (16.4%).

Large discount stores saw increased sales of gift sets including livestock products and daily necessities, as well as large home appliances. By product category, sales increased in food (7%), home/living (6.3%), and electronics/culture (10.5%).

SSMs experienced a decrease in sales due to reduced promotional events compared to the previous year, with both food (-6.7%) and non-food (-7.1%) sales declining.

This content was produced with the assistance of AI translation services.