Card spending by Chinese tourists in S. Korea jumps 22.9% in holiday season

Card spending by Chinese tourists in S. Korea jumps 22.9% in holiday season

Card spending by Chinese tourists in South Korea jumped more than 20 percent over the recent weeks from a year earlier on increased holiday shoppers and visitors, industry data showed Sunday.

A total of 490 billion won ($419.9 million) worth of purchases were made by China-issued credit cards between Sept. 24 and Oct. 14, up 22.9 percent from the same period last year, according to the data released by Shinhan Card Co.

Chinese tourists flocked to South Korea during the China’s National Day holiday season from Oct. 1-7. The South Korean government ran a nationwide shopping event with discount promotions and K-pop performances starting in late September to attract more Chinese people.

Chinese card spending at food service businesses soared 48.8 percent on-year over the three-week period, followed by a 37.3 percent gain in payments for live entertainment, such as performances and concerts.

Purchases in the shopping and accommodation areas also rose 24 percent and 13.2 percent, respectively, over the cited period.

“On the back of the broadening Korean wave, Chinese people’s spending on food and performances has been on a steady rise,” a Shinhan Card official said.

Source: http://www.koreaherald.com/view.php?ud=20161113000229

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