Foreign tourist spending tops 2 trillion won for first time in May

Monthly spending by foreign tourists in Korea exceeded 2 trillion won ($1.32 billion) for the first time in May, data showed Wednesday.

Credit card spending by inbound travelers reached 2.12 trillion won in the month, up 67.1 percent from a year earlier, according to data from the Korea Tourism Organization (KTO). The increase marks the fastest growth rate since 2023.

Of note, spending by Chinese tourists more than tripled compared with the same month last year, the data showed.

By sector, shopping recorded the largest on-year increase at 77.8 percent, followed by transportation at 70.6 percent, medical and wellness services at 65.8 percent and food and beverage spending at 64.9 percent.

The KTO said consumption patterns were becoming increasingly polarized into either lifestyle spending by those in their 20s and 30s or ultra-luxury brand shopping led by Chinese tourists.

In central Seoul's Myeongdong shopping district, spending jumped 162 percent on-year, supported by the popularity of customized apparel services such as Nike By You. In eastern Seoul's Seongsu-dong, spending rose 141.9 percent as foreign visitors flocked to well-known outdoor brands. Pharmacy sales also surged in Seongsu-dong as well as in Busan's Haeundae District, boosted by demand for regenerative creams and other products.

"The data shows that foreign tourist consumption is becoming more segmented across commercial areas, business sectors and nationalities," said Lee Mi-sook, head of the KTO's Tourism Data Hub Team. "We will provide data-driven insights to help local governments and businesses catch these shifts early and respond proactively."

Yonhap