Government data showed on Sunday that retail sales in South Korea continued to decline for two and a half years, due to weak demand for durable and non-durable goods.
The retail sales index reached an average of 100.7 points in the third quarter of this year, down 1.9% from the same period last year, according to data released by the Korea Statistics Agency.
Quarterly retail sales numbers have fallen continuously since the second quarter of 2022, marking the longest decline since the Korea Statistics Agency began tracking the data in 1995.
The durable goods sales index has registered a continuous decline since the first quarter of 2022, except for a slight increase in the second quarter of last year. In particular, the passenger car sales index decreased by 8.4% and 13.2% in the first and second quarters, respectively. Home appliance sales also saw a slowdown, as its index declined for 10 consecutive quarters.
Sales of semi-durable goods, including clothing, also declined, as the sales index for this sector fell 4.7% in the third quarter, recording a continuous decline for 6 consecutive quarters. Non-durable goods, such as food and beverages, saw their sales decline for 9 consecutive quarters, the highest level, reflecting the continued stagnation in domestic consumption.
2024-11-03 06:24:00
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