Retail sales in S.Korea see record decline

South Korea’s retail sales continued to decrease fortwo and half years, led by weak demand across durable and non-durable goods, government data showed Sunday.

The index for retail sales reached 100.7 on average for the third quarter of this year, down 1.9 percent from a year ago, according to the data from Statistics Korea.

The quarterly retail sales figures decreased consistently since the second quarter of 2022, marking the longest downturn since Statistics Korea began tracking the data in 1995.

The sales index for durable goods has been on a steady decrease since the first quarter of 2022, with the exception of an uptick in the second quarter of last year, Yonhap reported, citing the official data.

In particular, the sales index for passenger cars fell 8.4 percent in the first quarter and 13.2 percent in the second quarter.

Sales of home appliances were also sluggish as their index has been on a decrease for 10 consecutive quarters.

Sales of semi-durable goods, including clothing, also fell, with the category’s sales index decreasing by 4.7 percent in the third quarter, marking six consecutive quarters of decline.

Non-durable goods, such as food and beverages, saw sales drop for a record nine quarters in a row, reflecting an ongoing slump in domestic consumption.

 The Republic of Korea’s economy grew at a slower-than-expected rate in the third quarter of the year amid softening export growth, central bank data showed Thursday.