Card spending by foreign tourists last month surpassed KRW 2 trillion for the first time. Shown are visitors on May 27 trying products at the Seoul International Cosmetics & Beauty Industry Expo, aka Cosmo Beauty Seoul, at the convention center Coex in Seoul's Gangnam-gu District. (Lee Jeongwoo)
By Aisylu Akhmetzianova
Card spending by foreign tourists in the country last month exceeded KRW 2 trillion for the first time.
The Korea Tourism Organization (KTO) on June 17 said a big data study of foreign card spending by the Korea Tourism Data Lab found that such expenditures in May reached KRW 2.12 trillion.
The figure was a 67.1% jump from KRW 1.27 trillion in May last year and the highest growth rate since 2023.
By industry, the highest year-on-year growth was seen in retail (77.8%), followed by transportation (70.6%), health and wellness (65.8%), and food and beverages (64.9%).
Seeing brisk sales growth were pharmacies (206.1%), toys and entertainment equipment (191.4%), skincare and massage (153.9%), department stores (89.2%) and duty-free shops (87.6%).
In transportation, rail rose 79.9% and in lodging, condominiums surged 72.2%.
Chinese tourists led overall consumption growth, with their card spending rising every month this year including an amazing 214% jump last month year on year. Sales of watches and jewelry jumped 69.7% and those of accessories 87%.
Foreign tourist consumption is divided into "lifestyle spending" centered on consumers in their 20s and 30s and "ultra-high-end luxury shopping" driven by Chinese tourists.
The KTO said, "This analysis shows that foreign tourist consumption has moved beyond the simple recovery phase and is increasingly segmented by commercial district, industry and nationality."
aisylu@korea.kr
