Foreign spending hits new high in May at 1.41 trillion won

Monthly spending by foreign tourists in Korea reached a record high of over 1.4 trillion won ($911.6 million) in May, marking the third consecutive month foreign spending surpassed 1 trillion won, data showed on Sunday.

Credit card spending by inbound travelers came to 1.41 trillion won last month, up 73.7 percent from a year earlier, according to data from the Korea Tourism Organization.

Spending by foreign travelers surpassed 1 trillion won for the first time in March as global fans of BTS flocked to Seoul to watch the group's comeback performance at Gwanghwamun Square.

It hit another record high in April as BTS kicked off its "Arirang" world tour in Goyang, northwest of Seoul.

The record-high figure posted in May, despite the absence of BTS concerts, suggests that Korea's tourism sector has entered a more stable phase, local experts noted.

By sector, shopping accounted for the largest share at 39.1 percent of foreign spending, followed by beauty and wellness at 21.1 percent, fashion at 14.3 percent and lifestyle and food at 11.9 percent, among others.

Yonhap