本报告分享韩国主要电商平台9月GMV更新及最新8月市场数据，并展望2026年底投资者关注的焦点——韩国零售商能否在2026年上半年异常强劲的线上GMV基数上继续实现增长。报告认为，Coupang和Naver两大线上零售商9月增长疲软。尽管两家公司都将中秋（韩国感恩节）扰动列为近期不利因素，但疲弱数据也引发对电商需求根本面的更广泛质疑。本次中秋的赢家是线下零售商，百货商店和折扣店抢占了节假日礼赠需求，显示消费支出可能正回流线下渠道，挑战了线上份额持续提升的长期假设。Coupang假日期间的韧性优势似乎正在消退，若月度GMV增长未能明显反弹，投资者可能将放缓视为结构性问题而非单纯的日历性因素。展望2027年，韩国电商市场还有多少增长空间是关键问题：线上渗透率已接近自然上限。
We share our September GMV update across major e-commerce platforms, alongside the latest August market data. As 2026 draws to a close, investor focus is shifting to whether Korean retailers can deliver growth beyond the exceptionally strong online GMV comps set in H1 2026. In this note, we outline our views on the Korean retail market and the evolving competitive landscape that could reshape industry dynamics. Coupang posted 1% growth in September, and Naver grew just 4% YoY. The Chuseok winner was clear, offline retailers. Department stores captured holiday gifting demand, while discounters and category specialists also grew strongly, suggesting that incremental consumer wallet share is increasingly flowing to offline category specialists and challenging the long-held assumption of uninterrupted online share gains. More notably, Coupang's traditional advantage in holiday-period resilience appears to be fading;