Online shopping is also "Cold Wind"...October growth rate of 0.6%, lowest since 2017 reorganization

The growth rate of online shopping transactions was the lowest since the reorganization of related statistics in the aftermath of sluggish domestic demand and "Timef" non-settlement.

According to the "Online Shopping Trends" released by the National Statistical Office, online shopping transactions amounted to KRW 20.2845 trillion in October, up only 0.6% from the same month last year.

Growth was in the 10.6% range in April this year and 7% in May-June, but slowed to 5.1% in July, and fell to the 2% range in August and September before falling to the 0% range last month.

October's growth rate was the lowest since the 2017 overhaul of the statistics on online shopping transactions.

However, the transaction volume reached an all-time high as of the same month.

The slowdown in growth is attributed to sluggish consumption and a decrease in e-coupon service transactions due to the Timef crisis.

The transaction amount of e-coupon service was KRW 445.4 billion, down 51% from the same month last year, while the transaction amount of automobiles and automobile goods fell 14.7% and cosmetics transactions fell 1.3%, respectively.

Among online shopping, mobile transactions amounted to KRW 15.42 trillion, up 4.2% from last year.

The proportion of mobile transactions out of total transactions was 76%, up 2.6 percentage points from a year ago.