Department store, outlet spending tops 19 trillion won despite consumer slump

Spending at department stores and outlets continued to grow despite high prices and a broader consumer slowdown, new data shows.

Estimated payments by Korean consumers at major department stores totaled 19.27 trillion won (approximately $12.7 billion) from January through May, up 11.2 percent from the same period a year earlier, according to WiseApp·Retail on Wednesday. Spending at major outlets also rose 5.4 percent over the same period, reaching 6.24 trillion won.

Breaking down spending by age group, consumers in their 30s and 40s accounted for the largest share of payments at Lotte Department Store, Shinsegae Department Store, Hyundai Department Store, Starfield/Starfield City and Lotte Premium Outlets, while shoppers in their 40s and 50s made up the biggest share at Hyundai Outlets.

The survey covered major department store and outlet retail brands whose combined estimated payments from January through May exceeded 100 billion won.