started · updated
South Korea foreign card spending surges nearly tenfold
Foreigner credit card spending in South Korea has surged nearly tenfold compared to January 2023 levels, according to reports from Korea Credit Data (KCD). In June, overseas card revenue reached an index of 960, up from 100 at the start of 2023.
Spending is heavily concentrated in specific sectors and regions. In Seoul, which accounts for 65% of overseas card revenue, the service sector is dominated by medical aesthetics, with dermatology clinics making up 40% of service sales and plastic surgery clinics 14%. Foreigners in the service sector spend an average of 166,000 won per transaction, significantly higher than the 47,000 won spent by domestic users.
Regional trends show rapid growth in Busan, which saw a 60% year-on-year increase in overseas card sales, outpacing Seoul and Jeju. In Busan, spending is driven by food and retail rather than medical services.
The retail and convenience store sectors are also benefiting from the influx of tourists. Major chains like CU and GS25 reported significant increases in revenue driven by heatwaves and rising foreign visitor numbers. In coastal tourist areas like Busan's Gwangalli and Gangneung, convenience store sales to foreigners have seen triple-digit growth, with high demand for K-food, sunscreens, and seasonal items.
Entities
Busan · CU · GS25 · Gyeonggi Province · Jeju Island · Korea Credit Data · Seoul
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Fashion and clothing shops accounted for 28 percent of revenues in the retail sector. www.koreaherald.com · www.koreatimes.co.kr
- [● 3 SOURCES] Overseas credit card revenues accounted for 1.2 percent of total revenues in June. www.koreaherald.com · www.koreatimes.co.kr
- [● 3 SOURCES] The monthly index of revenues from overseas credit cards at local merchants reached 960 in June. www.koreaherald.com · www.koreatimes.co.kr
- [● 2 SOURCES] South Korea attracted 10.7 million foreign visitors in the first half of the year. www.koreaherald.com · www.koreatimes.co.kr
- [● 3 SOURCES] Dermatology clinics accounted for 40 percent of overseas card sales in the service sector. www.koreaherald.com · www.koreatimes.co.kr
- [● 3 SOURCES] Korean food restaurants accounted for 19 percent of revenues in the food service sector. www.koreaherald.com · www.koreatimes.co.kr
- [● 3 SOURCES] Foreigners spent an average of 166,000 won in the service sector per transaction. www.koreaherald.com · www.koreatimes.co.kr
- [● 3 SOURCES] Seoul accounted for 65 percent of all overseas card sales over the past 12 months. www.koreaherald.com · www.koreatimes.co.kr