Last Year’s Online Shopping Transaction Amount Hits Record High of 242 Trillion Won

Single-Digit Growth Rate... Impact of the T-Mef Incident

Last year, the transaction amount of online shopping exceeded 242 trillion won, marking the largest scale ever. Although the scale has rapidly grown so far, the growth rate of transaction amount has slowed down due to the T-Mef (Timon·Wemakeprice) incident that occurred last year.

Online Shopping Transaction Amount Increasing Every Year

According to the 'December 2024 and Annual Online Shopping Trends' released by Statistics Korea on the 4th, last year's online shopping transaction amount was 242.0897 trillion won, an increase of 5.8% compared to the previous year. Among the online shopping transaction amount, mobile shopping transaction amount increased by 7.9% to 182.3654 trillion won.

An official from Statistics Korea said, "Last year's online shopping transaction amount was the largest ever (since related statistics began in 2017), but the growth rate was the lowest level," adding, "The growth rate showed double digits continuously until 2022, but slowed down after 2023 (8.4%)."

He continued, "As the market size has grown to some extent, it is going through a stagnation period," and added, "The impact of the T-Mef incident in July last year is also likely reflected."

By product category, the T-Mef incident caused decreases in e-coupon services (-15.4%), but increases were seen in food and groceries (14.8%), food services (10.9%), travel and transportation services (9.3%), etc. The composition ratio of online shopping transaction amount by product category was highest in food and groceries (14.2%), food services (12.1%), and travel and transportation services (10.9%).

In December last year, the online shopping transaction amount was 21.2147 trillion won, an increase of 3.2% compared to the same month of the previous year. The mobile shopping transaction amount among online shopping was 16.2048 trillion won, up 5.2%. The share of mobile shopping transaction amount in online shopping transaction amount rose by 1.4 percentage points to 76.4% compared to the same month of the previous year.

By product category, online shopping transaction amount decreased in e-coupon services (-46.0%) compared to the same month of the previous year, but increased in food services (17.5%), food and groceries (14.7%), clothing (6.2%), etc. The composition ratio by product category was highest in food and groceries (13.8%), food services (13.4%), travel and transportation services (10.5%).

An official from Statistics Korea explained, "The food service transaction amount in December last year (2.8439 trillion won) was the largest ever," adding, "The food service market is showing a good trend recently as policies related to delivery, such as free delivery for members only and recent expansion of free delivery areas, have been introduced."

Growth of Direct Purchases from China Slows in Q4 as Well

In the fourth quarter of last year, the online shopping transaction amount was 62.5619 trillion won, an increase of 1.4% compared to the same period of the previous year. The mobile shopping transaction amount among online shopping was 47.5121 trillion won, up 4.2%. By product category, decreases were seen in e-coupon services (-46.9%), while increases were observed in food and groceries (14.8%), food services (16.2%), etc.

Last year's fourth quarter online overseas direct sales amounted to 428.6 billion won, down 9.2% compared to the same period of the previous year. By region, sales increased in the United States (36.3%) but decreased in China (-21.2%), ASEAN (-30.3%), Japan (-5.1%), etc. By product category, there was a significant increase in computers and peripherals (528.7%), but decreases in cosmetics (-19.4%), music, video, and instruments (-31.6%), books (-49.9%), etc.

Overseas direct purchase amount was 2.1943 trillion won, up 11.7%. By region, it decreased in the United States (-9.8%) but increased in China (28.5%), Japan (10.4%), Oceania (11.6%), etc. By product category, it decreased in communication devices (-16.5%) but increased in clothing and fashion-related products (8.8%), household and automotive goods (49.8%), children and infant products (41.1%), etc.

An official from Statistics Korea pointed out, "The growth rate of direct purchases from China overseas, which was in the 60% range, recorded 45.0% in the third quarter of last year and further decreased in the fourth quarter," adding, "Since July last year, there has been a controversy over harmful substances related to Chinese direct purchase products, which had an impact."