GITNUXREPORT 2026

South Korea Retail Industry Statistics

South Korea's retail industry continues growing strongly post-pandemic through digital expansion.

Sarah Mitchell

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Key Statistics

Statistic 1

Household spending on retail goods averaged 15.2 million KRW per household in 2023.

Statistic 2

68.4% of South Korean consumers shopped online weekly in 2023 retail survey.

Statistic 3

Average basket size in convenience stores: 8,200 KRW in 2023.

Statistic 4

52% of consumers preferred discount promotions in retail purchases 2023.

Statistic 5

Luxury goods spending per affluent consumer: 12.5 million KRW annually 2023.

Statistic 6

Impulse buying rate in e-com: 41% of purchases in South Korea 2023.

Statistic 7

Gen Z (under 25) retail spending growth: 9.2% YoY in 2023.

Statistic 8

Female consumers accounted for 58% of beauty retail spending 2023.

Statistic 9

Average time spent shopping offline: 45 minutes per visit in 2023.

Statistic 10

73% of consumers used loyalty programs in retail 2023.

Statistic 11

Spending on sustainable products: 22% higher among millennials 2023.

Statistic 12

Cashless payments share in retail: 89.2% in 2023.

Statistic 13

Holiday season (Chuseok) retail spending spike: 18% above average 2023.

Statistic 14

Rural consumers spending per capita: 7.1 million KRW vs urban 9.8 million 2023.

Statistic 15

Brand loyalty in fashion retail: 61% repeat purchase rate 2023.

Statistic 16

Average receipt in department stores: 150,000 KRW in 2023.

Statistic 17

47% of consumers abandoned carts due to high shipping fees in e-com 2023.

Statistic 18

Spending on K-beauty abroad by locals: 3.2 million KRW per trip 2023.

Statistic 19

Elderly (65+) retail spending focus: 70% on essentials 2023.

Statistic 20

Single households spending 25% more on convenience retail 2023.

Statistic 21

Post-90s birth cohort drives 35% of luxury retail spending 2023.

Statistic 22

Average monthly credit card retail spend: 1.2 million KRW per cardholder 2023.

Statistic 23

55% prefer omnichannel shopping experiences in 2023 survey.

Statistic 24

Inflation-adjusted retail spending flat at 2.1% growth 2023.

Statistic 25

E-commerce retail sales in South Korea hit 227.3 trillion KRW in 2023, up 14.2% YoY.

Statistic 26

Mobile commerce accounted for 78.5% of total e-commerce sales in South Korea in 2023.

Statistic 27

Number of e-commerce users in South Korea reached 48.2 million in 2023, 93% penetration.

Statistic 28

Coupang's gross merchandise value (GMV) was 27.4 trillion KRW in Q4 2023 alone.

Statistic 29

Online marketplace sales share: 62% of total e-commerce in South Korea 2023.

Statistic 30

Cross-border e-commerce imports to South Korea: USD 45 billion in 2023.

Statistic 31

Live commerce sales in South Korea totaled 40.1 trillion KRW in 2023.

Statistic 32

Average annual e-commerce spending per user: 4.7 million KRW in 2023.

Statistic 33

E-commerce logistics delivery volume: 5.2 billion parcels in 2023.

Statistic 34

Social commerce platforms like Kakao and Naver generated 18.5 trillion KRW in 2023.

Statistic 35

B2B e-commerce market size: 150 trillion KRW in South Korea 2023.

Statistic 36

Quick commerce (under 30min delivery) sales: 8.9 trillion KRW in 2023.

Statistic 37

E-commerce return rate in fashion: 25.3% in South Korea 2023.

Statistic 38

Naver Shopping GMV: 52.3 trillion KRW for 2023 full year.

Statistic 39

11st (SK group) e-com sales: 12.7 trillion KRW in 2023.

Statistic 40

Gmarket global sales volume: 3.1 billion USD in 2023.

Statistic 41

E-commerce payment via mobile wallets: 65.4% of transactions in 2023.

Statistic 42

AR/VR adoption in e-retail: used by 42% of top platforms in 2023.

Statistic 43

E-commerce cybersecurity incidents: 1,250 cases reported in retail 2023.

Statistic 44

Subscription e-commerce boxes: 2.5 million subscribers in 2023.

Statistic 45

Voice commerce sales: 1.8 trillion KRW via Bixby/Alexa in 2023.

Statistic 46

Metaverse retail sales: 0.9 trillion KRW experimental in 2023.

Statistic 47

E-com fashion sales growth: 16.8% YoY to 38.2 trillion KRW 2023.

Statistic 48

Grocery e-com penetration: 12.5% in South Korea 2023.

Statistic 49

Average e-com order value: 45,000 KRW in 2023.

Statistic 50

Lotte Shopping held 18.2% market share in department stores in 2023.

Statistic 51

E-Mart (Shinsegae) convenience stores numbered 5,200 outlets in 2023.

Statistic 52

Coupang dominated e-commerce with 24.5% market share in 2023.

Statistic 53

GS Retail (GS25) sales reached 11.8 trillion KRW in 2023.

Statistic 54

Shinsegae Department Store revenue: 5.6 trillion KRW in 2023.

Statistic 55

Homeplus hypermarkets: 140 stores, 10.2 trillion KRW sales 2023.

Statistic 56

Lotte Mart: 120 hypermarkets, 16.4 trillion KRW revenue 2023.

Statistic 57

Naver Corp retail platform share: 22.1% in 2023.

Statistic 58

CU (BGF Retail) 16,000+ stores, 14.7 trillion KRW sales 2023.

Statistic 59

Hyundai Department Store: 4.1 trillion KRW sales, 12% share 2023.

Statistic 60

SSG.com (Shinsegae online): 8.9 trillion KRW GMV 2023.

Statistic 61

7-Eleven Korea: 9,200 stores, growing 8% outlets YoY 2023.

Statistic 62

Costco Korea: 18 warehouses, membership 2.5 million 2023.

Statistic 63

IKEA Korea sales: 1.2 trillion KRW from 3 stores 2023.

Statistic 64

Musinsa fashion platform: 3.5 million MAU, 2.8 trillion KRW 2023.

Statistic 65

G9 (Lotte online): 4.1 trillion KRW sales 2023.

Statistic 66

NewCore Outlet (Shinsegae): 15 outlets, 1.8 trillion KRW 2023.

Statistic 67

Emart24: 4,600 stores, 6.3 trillion KRW revenue 2023.

Statistic 68

AK Plaza (Hyundai): 40 outlets, 3.2 trillion KRW 2023.

Statistic 69

Timon & Wemakeprice merged GMV: 7.6 trillion KRW 2023.

Statistic 70

Lotte Duty Free: 25 stores, 5.1 trillion KRW sales 2023.

Statistic 71

Olive Young (CJ): 1,500 stores, 4.5 trillion KRW beauty sales 2023.

Statistic 72

NC Department Store: 2.3 trillion KRW, regional focus 2023.

Statistic 73

Market share of top 5 convenience chains: 92% in 2023.

Statistic 74

Shinsegae Group total retail revenue: 45.2 trillion KRW 2023.

Statistic 75

Lotte Group retail portfolio: 38% of group revenue at 120 trillion KRW 2023.

Statistic 76

In 2023, South Korea's total retail sales reached 452.3 trillion KRW, reflecting a 4.8% year-over-year increase driven by post-pandemic recovery and e-commerce expansion.

Statistic 77

The retail market in South Korea is projected to grow at a CAGR of 5.2% from 2024 to 2028, reaching approximately 550 trillion KRW by 2028.

Statistic 78

Offline retail sales in South Korea accounted for 68.5% of total retail in 2023, down from 75% in 2020 due to digital shift.

Statistic 79

South Korea's retail sector contributed 9.2% to the national GDP in 2022, employing over 4.1 million people.

Statistic 80

The value of retail trade in South Korea surged to 192.4 trillion KRW in Q4 2023, up 3.7% from the previous quarter.

Statistic 81

South Korea's retail industry saw a 6.1% growth in 2023, with department stores leading at 7.3% increase.

Statistic 82

The overall retail sales index in South Korea stood at 112.4 points in December 2023, compared to the base year 2020=100.

Statistic 83

Foreign retail investment in South Korea totaled USD 2.8 billion in 2023, focusing on premium outlets and luxury segments.

Statistic 84

South Korea's retail market recovery post-COVID reached 95% of 2019 levels by mid-2023.

Statistic 85

The retail sector's wholesale and retail trade volume grew by 4.2% YoY in 2023 to 1,120 trillion KRW.

Statistic 86

In 2022, South Korea's retail e-commerce sales hit 198.3 trillion KRW, but total retail was 441 trillion KRW.

Statistic 87

Projected retail market size for South Korea in 2024 is USD 480 billion, with 5% annual growth expected.

Statistic 88

The number of retail establishments in South Korea reached 1.2 million in 2023, up 1.5% from 2022.

Statistic 89

Retail sales per capita in South Korea averaged 8.8 million KRW in 2023.

Statistic 90

South Korea's hypermarket and supermarket sector valued at 120 trillion KRW in 2023, growing 3.9%.

Statistic 91

Department store sales in South Korea totaled 18.5 trillion KRW in 2023, with 5.1% YoY growth.

Statistic 92

Convenience store market size in South Korea was 42.3 trillion KRW in 2023, expanding at 4.7% CAGR.

Statistic 93

Duty-free retail sales in South Korea reached 7.9 trillion KRW in 2023, rebounding 12% post-borders reopen.

Statistic 94

Online retail penetration in total retail sales was 25.4% in South Korea in 2023.

Statistic 95

South Korea's retail inflation rate for goods was 3.2% in 2023, impacting sales volumes.

Statistic 96

The retail trade deficit in South Korea improved to USD 15 billion in 2023 from 18 billion in 2022.

Statistic 97

Number of large retail stores in South Korea increased to 1,850 in 2023.

Statistic 98

Retail sector FDI inflows to South Korea were USD 3.1 billion in 2022-2023 cumulative.

Statistic 99

South Korea retail market digital transformation investment hit 2.5 trillion KRW in 2023.

Statistic 100

Total retail outlets density in South Korea: 23.2 per 1,000 residents in 2023.

Statistic 101

Retail sales growth in Seoul metropolitan area was 5.3% in 2023 vs national 4.8%.

Statistic 102

Provincial retail sales outside Seoul grew 4.1% in 2023, lagging urban centers.

Statistic 103

Luxury retail segment in South Korea valued at 15.2 trillion KRW in 2023, up 8.4%.

Statistic 104

Discount store sales reached 28.7 trillion KRW in 2023, with 2.9% growth amid inflation.

Statistic 105

Overall retail productivity per employee in South Korea: 120 million KRW in 2023.

Statistic 106

Food and beverage retail sales dominated with 45.2% share of total retail at 204 trillion KRW in 2023.

Statistic 107

Fashion and apparel retail sales in South Korea totaled 85.6 trillion KRW in 2023, growing 6.2% YoY.

Statistic 108

Electronics and appliances retail sales hit 62.4 trillion KRW in 2023, up 7.1% driven by semiconductors.

Statistic 109

Home furnishings and furniture retail sales were 28.9 trillion KRW in 2023, increasing 4.5%.

Statistic 110

Health and beauty retail sales reached 45.1 trillion KRW in 2023, with 8.3% YoY growth.

Statistic 111

Automotive retail sales (parts and accessories) totaled 19.7 trillion KRW in 2023.

Statistic 112

Supermarket food sales: 110.2 trillion KRW in 2023, 42% of grocery retail.

Statistic 113

Convenience store food sales: 25.8 trillion KRW in 2023, up 5.6%.

Statistic 114

Department store fashion sales: 12.3 trillion KRW in 2023, 66% of their total.

Statistic 115

Online fashion retail sales: 32.1 trillion KRW in 2023, 37% of total apparel.

Statistic 116

Electronics offline sales: 38.5 trillion KRW in 2023, down 2% due to e-com shift.

Statistic 117

Beauty product sales in duty-free: 4.2 trillion KRW in 2023.

Statistic 118

Grocery retail via hypermarkets: 75.4 trillion KRW in 2023.

Statistic 119

Home improvement retail sales: 15.6 trillion KRW in 2023, up 6.8% post-housing boom.

Statistic 120

Jewelry and luxury accessories retail: 9.8 trillion KRW in 2023.

Statistic 121

Sports and leisure goods retail sales: 22.4 trillion KRW in 2023, growing 7.2%.

Statistic 122

Book and stationery retail: 8.7 trillion KRW in 2023, stable at 1.9% growth.

Statistic 123

Toy and hobby retail sales: 5.6 trillion KRW in 2023.

Statistic 124

Pharmaceutical retail sales OTC: 12.3 trillion KRW in 2023.

Statistic 125

Alcoholic beverages retail: 18.9 trillion KRW in 2023, up 3.4%.

Statistic 126

Tobacco products retail sales: 14.2 trillion KRW in 2023.

Statistic 127

Household chemicals retail: 7.1 trillion KRW in 2023.

Statistic 128

Pet supplies retail sales: 3.4 trillion KRW in 2023, booming 12%.

Statistic 129

Flowers and garden retail: 2.8 trillion KRW in 2023.

Statistic 130

Online grocery sales reached 15.2 trillion KRW in 2023, 7.4% of total grocery.

Sources
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While South Korea's brick-and-mortar stores rang up a formidable 68.5% of the nation's retail sales in 2023, the rapid 14.2% surge in e-commerce to 227.3 trillion KRW is dramatically reshaping an industry projected to hit 550 trillion KRW by 2028.

Key Takeaways

  • In 2023, South Korea's total retail sales reached 452.3 trillion KRW, reflecting a 4.8% year-over-year increase driven by post-pandemic recovery and e-commerce expansion.
  • The retail market in South Korea is projected to grow at a CAGR of 5.2% from 2024 to 2028, reaching approximately 550 trillion KRW by 2028.
  • Offline retail sales in South Korea accounted for 68.5% of total retail in 2023, down from 75% in 2020 due to digital shift.
  • Food and beverage retail sales dominated with 45.2% share of total retail at 204 trillion KRW in 2023.
  • Fashion and apparel retail sales in South Korea totaled 85.6 trillion KRW in 2023, growing 6.2% YoY.
  • Electronics and appliances retail sales hit 62.4 trillion KRW in 2023, up 7.1% driven by semiconductors.
  • E-commerce retail sales in South Korea hit 227.3 trillion KRW in 2023, up 14.2% YoY.
  • Mobile commerce accounted for 78.5% of total e-commerce sales in South Korea in 2023.
  • Number of e-commerce users in South Korea reached 48.2 million in 2023, 93% penetration.
  • Household spending on retail goods averaged 15.2 million KRW per household in 2023.
  • 68.4% of South Korean consumers shopped online weekly in 2023 retail survey.
  • Average basket size in convenience stores: 8,200 KRW in 2023.
  • Lotte Shopping held 18.2% market share in department stores in 2023.
  • E-Mart (Shinsegae) convenience stores numbered 5,200 outlets in 2023.
  • Coupang dominated e-commerce with 24.5% market share in 2023.

South Korea's retail industry continues growing strongly post-pandemic through digital expansion.

Consumer Spending Patterns

  • Household spending on retail goods averaged 15.2 million KRW per household in 2023.
  • 68.4% of South Korean consumers shopped online weekly in 2023 retail survey.
  • Average basket size in convenience stores: 8,200 KRW in 2023.
  • 52% of consumers preferred discount promotions in retail purchases 2023.
  • Luxury goods spending per affluent consumer: 12.5 million KRW annually 2023.
  • Impulse buying rate in e-com: 41% of purchases in South Korea 2023.
  • Gen Z (under 25) retail spending growth: 9.2% YoY in 2023.
  • Female consumers accounted for 58% of beauty retail spending 2023.
  • Average time spent shopping offline: 45 minutes per visit in 2023.
  • 73% of consumers used loyalty programs in retail 2023.
  • Spending on sustainable products: 22% higher among millennials 2023.
  • Cashless payments share in retail: 89.2% in 2023.
  • Holiday season (Chuseok) retail spending spike: 18% above average 2023.
  • Rural consumers spending per capita: 7.1 million KRW vs urban 9.8 million 2023.
  • Brand loyalty in fashion retail: 61% repeat purchase rate 2023.
  • Average receipt in department stores: 150,000 KRW in 2023.
  • 47% of consumers abandoned carts due to high shipping fees in e-com 2023.
  • Spending on K-beauty abroad by locals: 3.2 million KRW per trip 2023.
  • Elderly (65+) retail spending focus: 70% on essentials 2023.
  • Single households spending 25% more on convenience retail 2023.
  • Post-90s birth cohort drives 35% of luxury retail spending 2023.
  • Average monthly credit card retail spend: 1.2 million KRW per cardholder 2023.
  • 55% prefer omnichannel shopping experiences in 2023 survey.
  • Inflation-adjusted retail spending flat at 2.1% growth 2023.

Consumer Spending Patterns Interpretation

The South Korean consumer in 2023 was a paradox of planned thrift and digital impulsivity, where weekly online carts brim with discounted goods, convenience store snacks, and luxury splurges, all paid for with a loyalty-point-accruing tap of a phone.

E-commerce Statistics

  • E-commerce retail sales in South Korea hit 227.3 trillion KRW in 2023, up 14.2% YoY.
  • Mobile commerce accounted for 78.5% of total e-commerce sales in South Korea in 2023.
  • Number of e-commerce users in South Korea reached 48.2 million in 2023, 93% penetration.
  • Coupang's gross merchandise value (GMV) was 27.4 trillion KRW in Q4 2023 alone.
  • Online marketplace sales share: 62% of total e-commerce in South Korea 2023.
  • Cross-border e-commerce imports to South Korea: USD 45 billion in 2023.
  • Live commerce sales in South Korea totaled 40.1 trillion KRW in 2023.
  • Average annual e-commerce spending per user: 4.7 million KRW in 2023.
  • E-commerce logistics delivery volume: 5.2 billion parcels in 2023.
  • Social commerce platforms like Kakao and Naver generated 18.5 trillion KRW in 2023.
  • B2B e-commerce market size: 150 trillion KRW in South Korea 2023.
  • Quick commerce (under 30min delivery) sales: 8.9 trillion KRW in 2023.
  • E-commerce return rate in fashion: 25.3% in South Korea 2023.
  • Naver Shopping GMV: 52.3 trillion KRW for 2023 full year.
  • 11st (SK group) e-com sales: 12.7 trillion KRW in 2023.
  • Gmarket global sales volume: 3.1 billion USD in 2023.
  • E-commerce payment via mobile wallets: 65.4% of transactions in 2023.
  • AR/VR adoption in e-retail: used by 42% of top platforms in 2023.
  • E-commerce cybersecurity incidents: 1,250 cases reported in retail 2023.
  • Subscription e-commerce boxes: 2.5 million subscribers in 2023.
  • Voice commerce sales: 1.8 trillion KRW via Bixby/Alexa in 2023.
  • Metaverse retail sales: 0.9 trillion KRW experimental in 2023.
  • E-com fashion sales growth: 16.8% YoY to 38.2 trillion KRW 2023.
  • Grocery e-com penetration: 12.5% in South Korea 2023.
  • Average e-com order value: 45,000 KRW in 2023.

E-commerce Statistics Interpretation

South Korea has fully embraced digital shopping, with nearly everyone online spending lavishly via phone, yet despite the staggering sales and lightning-fast deliveries, the fashion return rate suggests that even in a high-tech retail paradise, the timeless struggle of "does this make me look fat?" remains unresolved.

Major Retailers and Chains

  • Lotte Shopping held 18.2% market share in department stores in 2023.
  • E-Mart (Shinsegae) convenience stores numbered 5,200 outlets in 2023.
  • Coupang dominated e-commerce with 24.5% market share in 2023.
  • GS Retail (GS25) sales reached 11.8 trillion KRW in 2023.
  • Shinsegae Department Store revenue: 5.6 trillion KRW in 2023.
  • Homeplus hypermarkets: 140 stores, 10.2 trillion KRW sales 2023.
  • Lotte Mart: 120 hypermarkets, 16.4 trillion KRW revenue 2023.
  • Naver Corp retail platform share: 22.1% in 2023.
  • CU (BGF Retail) 16,000+ stores, 14.7 trillion KRW sales 2023.
  • Hyundai Department Store: 4.1 trillion KRW sales, 12% share 2023.
  • SSG.com (Shinsegae online): 8.9 trillion KRW GMV 2023.
  • 7-Eleven Korea: 9,200 stores, growing 8% outlets YoY 2023.
  • Costco Korea: 18 warehouses, membership 2.5 million 2023.
  • IKEA Korea sales: 1.2 trillion KRW from 3 stores 2023.
  • Musinsa fashion platform: 3.5 million MAU, 2.8 trillion KRW 2023.
  • G9 (Lotte online): 4.1 trillion KRW sales 2023.
  • NewCore Outlet (Shinsegae): 15 outlets, 1.8 trillion KRW 2023.
  • Emart24: 4,600 stores, 6.3 trillion KRW revenue 2023.
  • AK Plaza (Hyundai): 40 outlets, 3.2 trillion KRW 2023.
  • Timon & Wemakeprice merged GMV: 7.6 trillion KRW 2023.
  • Lotte Duty Free: 25 stores, 5.1 trillion KRW sales 2023.
  • Olive Young (CJ): 1,500 stores, 4.5 trillion KRW beauty sales 2023.
  • NC Department Store: 2.3 trillion KRW, regional focus 2023.
  • Market share of top 5 convenience chains: 92% in 2023.
  • Shinsegae Group total retail revenue: 45.2 trillion KRW 2023.
  • Lotte Group retail portfolio: 38% of group revenue at 120 trillion KRW 2023.

Major Retailers and Chains Interpretation

South Korea's retail landscape is a masterclass in calculated dominance, where legacy giants like Lotte and Shinsegae fortify their castles in physical space while insurgents like Coupang storm the digital gates, yet both are perpetually stalked by the relentless, convenience-store-on-every-corner reality of daily life.

Market Size and Growth

  • In 2023, South Korea's total retail sales reached 452.3 trillion KRW, reflecting a 4.8% year-over-year increase driven by post-pandemic recovery and e-commerce expansion.
  • The retail market in South Korea is projected to grow at a CAGR of 5.2% from 2024 to 2028, reaching approximately 550 trillion KRW by 2028.
  • Offline retail sales in South Korea accounted for 68.5% of total retail in 2023, down from 75% in 2020 due to digital shift.
  • South Korea's retail sector contributed 9.2% to the national GDP in 2022, employing over 4.1 million people.
  • The value of retail trade in South Korea surged to 192.4 trillion KRW in Q4 2023, up 3.7% from the previous quarter.
  • South Korea's retail industry saw a 6.1% growth in 2023, with department stores leading at 7.3% increase.
  • The overall retail sales index in South Korea stood at 112.4 points in December 2023, compared to the base year 2020=100.
  • Foreign retail investment in South Korea totaled USD 2.8 billion in 2023, focusing on premium outlets and luxury segments.
  • South Korea's retail market recovery post-COVID reached 95% of 2019 levels by mid-2023.
  • The retail sector's wholesale and retail trade volume grew by 4.2% YoY in 2023 to 1,120 trillion KRW.
  • In 2022, South Korea's retail e-commerce sales hit 198.3 trillion KRW, but total retail was 441 trillion KRW.
  • Projected retail market size for South Korea in 2024 is USD 480 billion, with 5% annual growth expected.
  • The number of retail establishments in South Korea reached 1.2 million in 2023, up 1.5% from 2022.
  • Retail sales per capita in South Korea averaged 8.8 million KRW in 2023.
  • South Korea's hypermarket and supermarket sector valued at 120 trillion KRW in 2023, growing 3.9%.
  • Department store sales in South Korea totaled 18.5 trillion KRW in 2023, with 5.1% YoY growth.
  • Convenience store market size in South Korea was 42.3 trillion KRW in 2023, expanding at 4.7% CAGR.
  • Duty-free retail sales in South Korea reached 7.9 trillion KRW in 2023, rebounding 12% post-borders reopen.
  • Online retail penetration in total retail sales was 25.4% in South Korea in 2023.
  • South Korea's retail inflation rate for goods was 3.2% in 2023, impacting sales volumes.
  • The retail trade deficit in South Korea improved to USD 15 billion in 2023 from 18 billion in 2022.
  • Number of large retail stores in South Korea increased to 1,850 in 2023.
  • Retail sector FDI inflows to South Korea were USD 3.1 billion in 2022-2023 cumulative.
  • South Korea retail market digital transformation investment hit 2.5 trillion KRW in 2023.
  • Total retail outlets density in South Korea: 23.2 per 1,000 residents in 2023.
  • Retail sales growth in Seoul metropolitan area was 5.3% in 2023 vs national 4.8%.
  • Provincial retail sales outside Seoul grew 4.1% in 2023, lagging urban centers.
  • Luxury retail segment in South Korea valued at 15.2 trillion KRW in 2023, up 8.4%.
  • Discount store sales reached 28.7 trillion KRW in 2023, with 2.9% growth amid inflation.
  • Overall retail productivity per employee in South Korea: 120 million KRW in 2023.

Market Size and Growth Interpretation

South Korea’s retail sector, now 95% recovered from its pandemic slump, is being briskly reshaped by digital currents and luxury tides, yet its enduring offline heartbeat still pumps 9.2% of the nation's GDP and employs millions.

Retail Sales by Segment

  • Food and beverage retail sales dominated with 45.2% share of total retail at 204 trillion KRW in 2023.
  • Fashion and apparel retail sales in South Korea totaled 85.6 trillion KRW in 2023, growing 6.2% YoY.
  • Electronics and appliances retail sales hit 62.4 trillion KRW in 2023, up 7.1% driven by semiconductors.
  • Home furnishings and furniture retail sales were 28.9 trillion KRW in 2023, increasing 4.5%.
  • Health and beauty retail sales reached 45.1 trillion KRW in 2023, with 8.3% YoY growth.
  • Automotive retail sales (parts and accessories) totaled 19.7 trillion KRW in 2023.
  • Supermarket food sales: 110.2 trillion KRW in 2023, 42% of grocery retail.
  • Convenience store food sales: 25.8 trillion KRW in 2023, up 5.6%.
  • Department store fashion sales: 12.3 trillion KRW in 2023, 66% of their total.
  • Online fashion retail sales: 32.1 trillion KRW in 2023, 37% of total apparel.
  • Electronics offline sales: 38.5 trillion KRW in 2023, down 2% due to e-com shift.
  • Beauty product sales in duty-free: 4.2 trillion KRW in 2023.
  • Grocery retail via hypermarkets: 75.4 trillion KRW in 2023.
  • Home improvement retail sales: 15.6 trillion KRW in 2023, up 6.8% post-housing boom.
  • Jewelry and luxury accessories retail: 9.8 trillion KRW in 2023.
  • Sports and leisure goods retail sales: 22.4 trillion KRW in 2023, growing 7.2%.
  • Book and stationery retail: 8.7 trillion KRW in 2023, stable at 1.9% growth.
  • Toy and hobby retail sales: 5.6 trillion KRW in 2023.
  • Pharmaceutical retail sales OTC: 12.3 trillion KRW in 2023.
  • Alcoholic beverages retail: 18.9 trillion KRW in 2023, up 3.4%.
  • Tobacco products retail sales: 14.2 trillion KRW in 2023.
  • Household chemicals retail: 7.1 trillion KRW in 2023.
  • Pet supplies retail sales: 3.4 trillion KRW in 2023, booming 12%.
  • Flowers and garden retail: 2.8 trillion KRW in 2023.
  • Online grocery sales reached 15.2 trillion KRW in 2023, 7.4% of total grocery.

Retail Sales by Segment Interpretation

The numbers confirm that South Korea's retail soul is torn between the primal need to feast and the modern urge to preen, with nearly half of all spending devoted to food and drink while fashion, electronics, and beauty products aggressively compete for the remaining won with impressive growth.

Sources & References

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