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Korean duty-free shops post record sales in Sept due to shuttle trade

Collected: 2017.10.25

Distributed: 2017.10.26

Source: Go Direct

Sales at South Korean duty-free shops hit a record high in September, despite a plunge in the number of Chinese visitors amid a diplomatic row over installment of a U.S. antimissile system in Korea, due to active shuttle trade as demand for Korean products still remains strong in China.

According to Korea Duty Free Shops Association, duty-free operators saw September sales rise 4.5 percent on month to $1.23 billion, breaking records two months in a row.

The Korean duty-free industry was hit hard earlier this year when the number of big-spending Chinese tourists plummeted following Beijing’s ban on package tours to Korea, a retaliatory move against Seoul’s installment of the Terminal High Altitude Area Defense (THAAD) system to counter North Korean threats. China has opposed the system, claiming that the powerful radar could be used to spy on its military.

Korea’s duty-free sales have rebounded since summer with the number of customers rising from 3.69 million in July to 3.90 million in September.

The recovery is largely attributed to mass purchases from individual merchants to resell in China. The rising number of shuttle traders has pushed average spending per person at Korean duty-free shops to $733 in September from $421 a year ago.

By Lee Yoo-jin and Kim Hyo-jin

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