South Korea's retail sales index fell 1.9 percent on the month in July after increasing 1.0 percent in June. On the year, the index declined 2.1 percent after falling 3.6 percent previously. Sales of consumer durables rose 0.8 percent on the year after dropping 8.3 percent previously.

Officials also published a separate report on sales for 25 large retailers. This showed solid but slower year-over-year growth of 6.3 percent in July, down from 11.1 percent in June. Sales growth weakened for food retailers and department store sales, partly offset by solid increases in sales for online retailers and convenience stores.

Retail Sales measure the total receipts at stores that sell durable and nondurable goods. The data are part of the Monthly Industrial Statistics report.

With consumer spending a large part of the economy, market players continually monitor spending patterns. The pattern in consumer spending is often the foremost influence on stock and bond markets. For stocks, strong economic growth translates to healthy corporate profits and higher stock prices. For bonds, the focus is whether economic growth goes overboard and leads to inflation. Ideally, the economy walks that fine line between strong growth and excessive (inflationary) growth.

Retail sales not only give you a sense of the overall picture, but also the trends among different types of retailers. Especially strong apparel or electronics sales can indicate strength in those industries, for example. These trends from the retail sales data can help you spot specific investment opportunities, without having to wait for a company's quarterly or annual report.