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Korean retail sales up in spring

20. May 2021

According to multiple sources, Korea’s three largest retailers, Lotte, Shinsegae and Hyundai saw their sales increase an average of 87 percent year-over-year during the first weekend of March. This random sample found that sales even slightly surpassed 2019 levels, when there was no Covid-19. Lotte, for example, saw a 9 percent increase, Shinsegae 14 percent and Hyundai 5.3 percent. Revenue was led by affluent customers buying luxury and electronic items after a large proportion of them had not made major expenditures for almost a year. In the lower price segment, new clothing and cosmetics were in high demand.



In Lotte shopping centers, cosmetics sales increased 91 percent, luxury items increased 143 percent, and home appliances and furniture increased 49 percent. Demand for cosmetics under the SKW100,000 or $87.5 threshold was stronger than ever. Consumers bought these more at shopping malls as duty-free stores remained closed and during the dry spring weather, many shoppers increased their use of skin care products. At Shinsegae Shopping Center, sales of luxury items climbed 109.9 percent and home appliances 75.7 percent. Sales of women’s clothing more than doubled. All figures are for the same period last year, the first weekend of March.

Convenience stores have also seen their wine sales increase recently. Many consumers are treating themselves to some luxury at home, as eating and drinking in restaurants is limited or impossible due to the pandemic.

Products made or imported in South Korea require Korea certification before sale. These can be consumer goods such as electronics, but food products also fall under these legal regulations. KC certification, or Korea Certification, is primarily about identifying and containing a potential risk to consumer health and safety. We will be pleased to advise you without obligation regarding a Korea Certification and would be delighted to carry it out for you.

If you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs or KCs for explosion safety products, feel free to contact us any time.

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MPR Author

About the author: Julian Busch is founder and managing director of MPR International GmbH
Publisher: MPR International GmbH

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