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…
Foreigners' credit card spending in June reached nearly 10 times the level from three years prior, according to a report by Korea Credit Data. The increase was driven by a sharp rise in overseas visitors, with the monthly index of revenues from overseas credit cards at local merchants surging to 960 in June from 100 in January 2023.
The overall revenue share from overseas credit cards rose to 1.2% in June, up from 0.2% in January 2023. Seoul generated the majority of these revenues, accounting for 65% of the total, followed by Gyeonggi Province at 11% and Busan at 8%. Within the service sector, dermatology clinics accounted for 40% of overseas credit card revenues, while plastic surgery clinics contributed 14%.
In the retail sector, fashion and clothing shops received 28% of the overseas credit card revenues, while Korean food restaurants constituted 19%.
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.
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