Retail sales rise 7.7% in September on stimulus cash handouts

Retail sales in Korea rose 7.7 percent year-on-year last month, led by stimulus measures aimed at boosting domestic consumption, the industry ministry said Wednesday. The combined sales of 23 major offline and online retailers came to 16.4 trillion won ($11.44 billion) in September, up from 15.2 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Resources. Officials attributed the growth largely to the "consumption coupons" distributed under the Lee Jae Myung administration's stimulus program to spur private spending and revitalize the economy. In September, the government launched another round of cash handouts, providing 100,000 won per person to around 90 percent of citizens, following an earlier round in July that offered 150,000 won to all citizens. Sales at offline retailers fell 1 percent, while online sales surged 16.5 percent in September. In detail, department stores saw sales rise 4.8 percent, and convenience stores posted a 0.9 percent on-year gain. In contrast, discount chain stores, such as E-Mart and Lotte Mart, suffered an 11.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times