Online retail continues rapid growth


According to an analysis by the Korea Chamber of Commerce and Industry, South Korea's consumer market experienced a significant 33.3 percent increase from 2014 to 2023. This growth was mainly driven by non-store retailing, such as online markets, which saw a tenfold annual growth compared to large stores. The total consumer market for the country reached 509.5 trillion won ($380.4 billion) in 2023, up from 382.3 trillion won in 2014. The report also highlighted the varying growth rates across different sectors, with non-store retailing and convenience stores leading the way with 12.6 percent and 10.4 percent growth, respectively. The rise of online shopping was a notable trend, attributed to an increasing number of consumers turning to online platforms, particularly during the COVID-19 pandemic. Online shopping's share of the consumer market sales saw a significant increase from 17.3 percent in 2017 to 31.9 percent in 2023. Furthermore, the report revealed that online food shopping experienced substantial growth, with its share of all online sales more than doubling from 7.1 percent in 2017 to 18.5 percent in 2023. The most popular online purchases included furniture, electronic products, books, writing supplies, shoes, bags, cosmetics, and clothing.


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