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Biz News Korea(Eng)
Credit card spending in Korea by Chinese more than quintuples over 4 years
- Collected
- 2016.09.09
- Distributed
- 2016.09.12
- Source
- Go Direct
According to data released by Shinhan Card Co.’s big data center and Korea Culture and Tourism Institute on Thursday, credit card spending by Chinese tourists amounted to 4.33 trillion won ($3.9 billion) in the first half of this year, soaring 5.5 times from the same period in 2012. Overall spending by foreigners using plastic cards rose 2.4 times over the cited period.
Chinese spending took the lion’s share of 62 percent of the total credit-financed consumption by foreigners in the first half surging from 28 percent in the same period in 2012, followed by Japanese who spent 977 billion won and Americans 599.1 billion won.
The data found that Chinese travelers spent the most of 2.43 trillion won on shopping, accounting for 56.2 percent, followed by 978.4 billion won to pay for accommodations (22.6 percent) and 422.7 billion won on dining (9.8 percent).
By region, Seoul had the largest card transactions worth 3.12 trillion won, accounting for 72.1 percent, trailed by Jeju Island with 351.2 billion won (8.1 percent) and Gyeonggi Province with 253.5 billion won (5.9 percent).
“Young Chinese tourists have increasingly flocked to Korea as they are familiar with the Korean culture, affecting the recent consumption trend,” said Lee Jong-seok from Shinhan Card’s big data center.
By Chung Ji-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]