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South Korea retail sales rise in July, following improvement in consumer sentiment
Retail sales in South Korea rose during the month of July, following improvement in the country’s consumer sentiment and due to a larger number of holidays comparatively.
Sales for the retail sector grew 10.8 percent year-on-year, the most in three months, data released by the Ministry of Trade, Industry and Energy showed Tuesday. At brick-and-mortar stores, sales rose 6.4 percent over the previous year and jumped 20.3 percent for online stores during the same period.
"Sales rose significantly compared to the previous year due to the base effect from last year when Middle East Respiratory Syndrome hit the country, raised consumer sentiment and more number of holidays in general," said Chung Jong-young, Director, MTIE.
Furthermore, Sales at large discount stores rose 2.1 percent year-on-year, driven by sales of home appliances, and the Trade Ministry said sales rose due to the abnormally hot weather this year. Department stores saw sales rise 7 percent. There were 7.2 percent more customers as stores launched sales in July, according to the official data.
Meanwhile, the composite consumer sentiment index fell to 99 in May and remained unchanged in June. However, it rose to 101 in July, according to the Bank of Korea. A reading above 100 points indicates the majority of survey participants have a positive outlook on the economy, while a reading below 100 indicates a negative view.