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2 clusters · 5 sources · 13 days · First seen 24 days ago · Last updated 12 days ago

South Korean tourism and foreign spending growth

Overview

South Korea’s tourism sector has experienced significant growth, with foreign visitor arrivals exceeding 10.71 million in the first half of 2024, representing a 23.1% increase compared to the previous year. Key markets include China, Japan, and Taiwan, though arrivals from North America, Europe, and Southeast Asia have also risen, diversifying the visitor base.

This influx of travelers has driven a substantial surge in economic activity. According to Korea Credit Data (KCD), foreign credit card spending has surged nearly tenfold compared to January 2023 levels. In June, overseas card revenue reached an index of 960, compared to 100 at the start of 2023.

Spending patterns highlight a strong interest in specific sectors. In Seoul, which accounts for 65% of overseas card revenue, the service sector is dominated by medical aesthetics; dermatology clinics make 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. Unlike Seoul, spending in Busan is driven by food and retail. Additionally, convenience store chains like CU and GS25 have reported significant revenue increases. In coastal areas such as Gwangalli and Gangneung, convenience store sales to foreigners have seen triple-digit growth, with high demand for K-food, sunscreens, and seasonal items.

Entities

CU · Jeju Island · China · Korea Credit Data · Kang Jeong-won

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] The monthly index of revenues from overseas credit cards at local merchants reached 960 in June.
[● 3 SOURCES] Overseas credit card revenues accounted for 1.2 percent of total revenues in June.
[● 3 SOURCES] Seoul accounted for 65 percent of all overseas card sales over the past 12 months.
[● 3 SOURCES] Dermatology clinics accounted for 40 percent of overseas card sales in the service sector.
[● 3 SOURCES] Fashion and clothing shops accounted for 28 percent of revenues in the retail sector.
[● 3 SOURCES] Foreigners spent an average of 166,000 won in the service sector per transaction.
[● 3 SOURCES] Korean food restaurants accounted for 19 percent of revenues in the food service sector.
[● 2 SOURCES] South Korea attracted 10.7 million foreign visitors in the first half of the year.

Timeline

12 days ago

[BUSINESS] 5 sources
South Korea foreign card spending surges nearly tenfold
Foreigner credit card spending in South Korea has surged nearly tenfold since early 2023, driven by medical tourism in Seoul and increased food and retail consumption in regions like Busan.
24 days ago

[BUSINESS] 3 sources
South Korea’s foreign tourism exceeds 10 million visitors in H1 2024
South Korea saw 10.71 million foreign visitors in H1 2024, a 23 % YoY rise, led by China. Card spend topped 10 trillion KRW and satisfaction hit 90.5 points.

Sources

biz.heraldcorp.com · koreaherald.com · koreatimes.co.kr · m.koreaherald.com · seoul.co.kr

This summary has been updated 1 time: see revision history