Seoul: South Korea’s retail sales have continued on a downward trajectory for 2 1/2 years, driven by weakened demand for both durable and non-durable goods, according to recent government data.
According to Qatar News Agency, the retail sales index averaged 100.7 for the third quarter of this year, representing a 1.9 percent decline from the previous year, as reported by South Korea’s Yonhap news agency, citing Statistics Korea data. This consistent decrease in quarterly retail sales has been observed since the second quarter of 2022, marking the longest downturn since data collection began in 1995.
The sales index for durable goods has experienced a steady decline since the first quarter of 2022, with a brief increase only in the second quarter of the previous year. Notably, the passenger cars sales index saw an 8.4 percent drop in the first quarter and a further 13.2 percent in the second quarter. Home appliances have also seen sluggish sales, with their index decreasing for 10 consecutive quarters.
Sale
s in the semi-durable goods category, which includes clothing, fell by 4.7 percent in the third quarter, marking six consecutive quarters of decline. Non-durable goods, such as food and beverages, recorded a drop in sales for nine consecutive quarters, highlighting the ongoing slump in domestic consumption.