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Seoul foreign tourist spending surges 60% amid retail boom
Foreign tourist spending in Seoul is experiencing rapid growth, with card expenditures increasing significantly faster than visitor numbers. From January to August, foreign tourist card spending in Seoul reached 7.78 trillion won, a 59.9 percent increase compared to the same period last year. This spending level is already nearly equivalent to the total recorded for the entirety of the previous year.
Major department stores such as Lotte, Shinsegae, and Hyundai are seeing substantial benefits. Lotte Department Store reported that its cumulative sales from foreign customers surpassed 1 trillion won, a first for the domestic industry. This growth is driven by high demand for luxury goods and K-fashion, particularly in major hubs like Myeongdong and Jamsil. Shinsegae and Hyundai have also reported significant rises in foreign sales, with Hyundai’s The Hyundai Seoul seeing a 134 percent increase.
Spending patterns show that shopping remains the largest sector, accounting for 46.6 percent of expenditures, followed by medical and wellness services at 23.8 percent. While consumption remains concentrated in major commercial districts like Myeongdong and Seongsu, it is also expanding into neighborhood commercial areas, traditional markets, and regional locations such as Busan.
Entities
Hyundai Department Store · Lotte Department Store · Seoul · Seoul Metropolitan Government · Shinsegae Department Store
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Foreign tourist card spending in Seoul from January to August reached 7.78 trillion won. www.mbn.co.kr
- [● 2 SOURCES] Foreign card spending at large shopping malls in Seoul rose by 77.5% year-on-year. www.mbn.co.kr
- [● 2 SOURCES] Medical tourism spending increased by 64.2% compared to the previous year. www.mbn.co.kr
- [● 2 SOURCES] Foreign tourist card spending increased by 59.9% compared to the same period last year. www.mbn.co.kr
- [● 2 SOURCES] The number of foreign visitors to Seoul from January to August was 11.56 million, a 21.6% increase year-on-year. www.mbn.co.kr
- [○ 1 SOURCE] In August, Chinese, Japanese, and Taiwanese tourists accounted for 66.4% of foreign visitors to Seoul. www.mbn.co.kr