Did Retail Sales in South Korea Surge by 6.7% in October Due to the Extended Chuseok Holiday?
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Synopsis
Retail sales in South Korea surged 6.7% in October, largely due to the extended Chuseok holiday. This growth was driven by increased spending at major retailers. Discover how this holiday period impacted sales figures and the broader implications for the South Korean economy.
Key Takeaways
- Retail sales rose by 6.7% in October due to the Chuseok holiday.
- Total sales reached 16.3 trillion won.
- Department stores saw a 12.2% increase in sales.
- Online platforms accounted for 52% of total retail sales.
- Convenience store sales increased for the fourth consecutive month.
Seoul, Nov 26 (NationPress) Retail sales in South Korea experienced a remarkable increase of 6.7% compared to the same month last year, primarily driven by heightened consumer spending during the prolonged Chuseok holiday, according to data released by the government on Wednesday.
The total sales from 23 major offline and online retailers reached 16.3 trillion won (approximately $11.1 billion) in October, a notable rise from 15.2 trillion won in the previous year, as reported by the Ministry of Trade, Industry and Resources, per Yonhap news agency.
Officials indicated that the growth was significantly influenced by increased sales at large discount stores and department stores, benefitting from the extended Chuseok holiday, which lasted longer than usual.
This year's holiday period spanned seven days, occurring between two other national holidays: National Foundation Day on October 3 and Hangeul Day on October 9.
Sales at brick-and-mortar stores rose by 6.6% year-on-year, while online sales saw a growth of 6.8% in October.
Specifically, department stores reported a sales increase of 12.2%, while large discount stores achieved a 9.3% year-on-year gain.
Convenience store sales edged up by 0.7%, marking the fourth consecutive month of year-on-year growth, as stated by the ministry.
Conversely, sales at large supermarkets, such as Lotte Super, declined by 1.7%.
Online shopping platforms comprised 52% of total retail sales in October, reflecting a slight increase of 0.1 percentage point from a year ago, according to the ministry.
Meanwhile, South Korea's significant export fair commenced on Wednesday, focusing on the promotion of South Korean consumer goods, particularly beauty and food products, in light of the soaring global popularity of Korean culture, as reported by the industry ministry.
The 2025 Korea Grand Sourcing Fair (KGSF) is scheduled to continue through Thursday in Seoul, featuring 880 South Korean firms and 150 foreign buyers from 30 countries, including renowned retailers such as Walmart, Marui, and Miniso, according to the Ministry of Trade, Industry and Resources.
Point of View
It is essential to recognize the significant impact of cultural events like Chuseok on consumer behavior. The notable rise in retail sales reflects both the resilience of the South Korean economy and the increasing popularity of local products, reinforcing the importance of supporting domestic markets.
NationPress
26/11/2025
Frequently Asked Questions
What was the percentage increase in retail sales in South Korea for October?
Retail sales in South Korea increased by 6.7% year-on-year for October.
What factors contributed to the rise in retail sales?
The extended Chuseok holiday and increased consumer spending at major retailers were key factors.
How much did total sales reach in October?
Total sales reached 16.3 trillion won (approximately $11.1 billion) in October.
Which retail sectors experienced growth?
Department stores and large discount stores saw significant growth, with increases of 12.2% and 9.3%, respectively.
What is the significance of the Korea Grand Sourcing Fair?
The Korea Grand Sourcing Fair focuses on promoting South Korean consumer goods and attracts international buyers, highlighting the global appeal of Korean products.
