Retail sales fell sharply last year, the biggest drop in 21 years

Last year, retail sales fell by the biggest margin in more than 20 years.

According to the National Statistical Portal of Statistics Korea, the retail sales index fell 2.1% from the same period a year ago from January to November last year.

The sluggish consumption of goods has been seen in all directions, regardless of the type of product, from durable goods such as automobiles and home appliances, semi-durable goods such as clothing, and non-durable goods such as food and beverage.

It is also the first time that consumption of all three types of products has declined for two consecutive years since related statistics began to be compiled in 1995.

In particular, expectations for a recovery in domestic demand have risen since October last year due to a cut in the benchmark interest rate, but concerns over cooling consumption have risen again in the aftermath of the December 3 emergency martial law and the high exchange rate.