Retail Market Korea Chamber of Commerce and Industry

The Korea Chamber of Commerce and Industry analyzed the changes in the retail market from 2014 to 2023 based on retail sales data from the Statistics Korea. The results showed that retailers without physical stores (non-store retailers, 12.6%)
It was found that convenience stores (10.4%) outperformed the average growth rate of the overall market (3.2%).
The Korean retail market in 2023 is expected to grow from 382.3 trillion won (approximately 403,904 million yen) in 2014.
) to 509.5 trillion yen (approximately 53.8292 trillion yen), an increase of 33.3%. Looking at the share by business type, online shopping, TV shopping, and other non-store retailers
The share of convenience stores, which accounted for 82.7%, and duty-free shops, which accounted for 24.2%, are also expected to increase from 2014.
Retailers (down 27.4%) and large supermarkets (down 16.4%) also saw a decline. By item, furniture was the largest item purchased online at 34.2%.
This was followed by computers, electronics and communication equipment (33.0%) and books and stationery (31.5%). In terms of online shopping, the share of beverages and food products increased to 7.1% in 2017.
% in 2020 to 18.5% in 2023, marking the fastest growth rate.