Foreign currency deposits rise to all-time high in July

Seoul welcomed a record 1.61 million foreign tourists in July, signaling a rapid expansion of the city's tourism sector. The surge in visitor numbers came with a significant increase in spending, with tourists outspending themselves by a substantial margin. July's visitor count marked a 20.8% rise compared to the same month last year, and a 5.2% increase from June, setting a new monthly record.

The city recorded an impressive 1.07 trillion won ($773 million) in foreign tourist spending via credit card in July, a staggering 69.7% increase from July 2022. This trend of higher spending has persisted, with tourists shelling out more than 1 trillion won monthly for four consecutive months since April. Since the first seven months of the year, foreign visitors have contributed a total of 6.688 trillion won to Seoul's economy, a 58.7% increase from the same period a year ago.

This spending growth has outpaced the 21.3% rise in visitor numbers during the same period, indicating that tourists are not only arriving in greater numbers but also spending more broadly across various sectors. Among the top spending categories, shopping accounted for 46.4% of the total, followed by medical and wellness services at 24.4%, and food and beverages at 13.1%.