Foreigners' credit card spending surges nearly 10-fold in June from 2023 level: report
Credit card spending by foreigners in June surged to nearly 10 times the level from three years earlier amid a sharp increase in overseas visitors, a report showed Tuesday. According to a report by Korea Credit Data (KCD), the monthly index of revenues from overseas credit cards at local merchants reached 960 in June, sharply up from 100 in January 2023. The index has steadily increased over the…
Foreign visitors have caused a dramatic surge in credit card spending by foreigners in June, reaching nearly ten times the amount from three years prior, according to a recent report. The Korea Credit Data (KCD) report revealed that the monthly index of revenues from overseas credit cards at local merchants in June was 960, a significant jump from 100 in January 2023.
This growth has been consistent over the reported period, with only minor seasonal fluctuations. In June, overseas credit card revenues accounted for 1.2% of total revenues, up from 0.2% in January 2023. Over the past year, 65% of overseas credit card revenues were generated in Seoul, followed by 11% in Gyeonggi Province and 8% in Busan.
Within sectors, 40% of revenues in the service sector came from dermatology clinics, with 14% from plastic surgery clinics. In retail, 28% of revenues were from fashion and clothing shops, while Korean food restaurants contributed 19% to food service sector revenues. On average, foreigners spent significantly more during their visits.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
