SEOUL, June 17 (AJP) - Monthly card spending by foreign tourists in South Korea surpassed 2 trillion won (US$1.33 billion) last month for the first time, according to an analysis released by the Korea Tourism Organization on Wednesday.
The KTO said foreign tourists spent 2.12 trillion won in May, up 67.1 percent from 1.27 trillion won a year earlier. Cumulative spending for the first five months of this year reached 7.98 trillion won, up 47.3 percent from the same period last year.
Their spending patterns have shifted somewhat from traditional shopping districts like Myeong-dong and nearby duty-free stores in downtown Seoul to trendy neighborhoods like Seongsu-dong, where they buy limited-edition sneakers, line up at pop-up stores, and visit pharmacies and dermatology clinics for cosmetic procedures.
Chinese tourists were the biggest spenders, with their card expenditures in May soaring more than threefold from a year earlier.
Spending at pharmacies saw the largest increase, soaring 206.1 percent from a year earlier, followed by toys and entertainment devices at 191.4 percent and skin care and massage services at 153.9 percent. Department stores, duty-free shops, and sporting goods and apparel retailers also rose sharply, up 89.2 percent, 87.6 percent, and 84.5 percent, respectively.
The sharp increase in spending at pharmacies reflects a growing trend of foreign visitors undergoing cosmetic procedures in South Korea and purchasing related treatments, medications and skincare products.
Chinese tourists also boosted sales of high-end luxury goods, with spending on watches and jewelry rising 69.7 percent and accessories increasing 87.0 percent from a year earlier.
In Seoul's upscale district of Cheongdam-dong, home to a concentration of luxury boutiques, sales of watches and jewelry surged 135 percent, while spending on accessories jumped 197.7 percent. Chinese shoppers led spending in the area, averaging 12.15 million won per visitor.
Tourists' travel destinations are also expanding beyond central Seoul, with spending on railway services increasing 79.9 percent. In Seogwipo on the southern resort island of Jeju, spending on luxury hotels and private condominiums with pools jumped 193.1 percent.
"Foreign tourists' spending is becoming more diverse across business sectors depending on nationality and areas of interest," said Lee Mi-suk, a Korea Tourism Organization (KTO) official, adding that the agency will provide timely-based detailed information to help local governments and businesses respond proactively to changing travel patterns and consumption trends.
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