Q3 Retail Sales 1.9% ↓...'Longest Ever' Decline for 10th Quarter in a row

The retail sales index, which indicates the situation in our domestic market, fell for two and a half years until the third quarter, continuing its longest decline ever.

According to the National Statistical Portal of Statistics Korea, the retail sales index in the third quarter of 2020 was 100.7, down 1.9% from the third quarter of last year.

The decline continued for the 10th quarter since the second quarter of 2022, the longest period of decline since 1995 when related statistics were compiled.

By item, passenger cars fell by more than 13% in the second quarter due to slowing demand for electric vehicles, and sales fell by 1.4% in the third quarter.

In addition, home appliances also declined for the 10th quarter, and the index of sales of semi-durable goods such as clothing also fell 4.7% in a year, marking the sixth quarter of a decline.

In the meantime, the service production index in the third quarter was 116.2, up only 1% from last year.

The slowest growth in 14 quarters marked the sixth consecutive quarter of declines, particularly in wholesale and retail and accommodation and food industries.