Recent increases in overseas direct purchases through online shopping have not offset a decline in overseas travel demand, leading to a decrease in domestic residents' card spending abroad in the second quarter.
According to the Bank of Korea's report on 'Q2 Overseas Card Spending by Residents,' the amount spent by domestic residents using cards (credit and debit) abroad was $5.85 billion, a 4.2% decrease from the previous quarter's $6.1 billion.
A Bank of Korea official explained, "Despite the increase in online shopping for overseas direct purchases, the decline in the number of domestic travelers has led to reduced travel-related expenditures."
In the second quarter, the amount spent on overseas direct purchases through online shopping reached $1.41 billion, a 4.3% increase from the first quarter's $1.35 billion. However, the number of domestic travelers decreased to 6.63 million, down 20.4% from the previous quarter's 8.33 million.
By card type, credit card spending was $4.075 billion, a 0.6% decrease, while debit card spending was $1.773 billion, an 11.5% decline.
In contrast, non-residents' card spending in Korea reached a record $4.86 billion in the second quarter, marking a 36.1% increase from the previous quarter's $3.573 billion. The previous record was set in the second quarter of last year at $3.79 billion.
The number of inbound tourists in the second quarter of this year was 5,966,797, a 20.4% increase compared to the same period last year.
* This article has been translated by AI.
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