Overseas card spending hits record high in H1Madeinkoreablog
Koreans’ overseas card spending rose to its highest point to date in the first half of this year due to the increase in outbound travelers, data showed Monday.
According to the Bank of Korea, Koreans spent an average of 26.8 billion won ($22.66 million) per day for overseas credit card use from January to June in 2015, a 21.7 percent increase from the same period last year.
It is also the second-highest rate of increase from the same period on-year since the second half of 2010 when credit card usage increased by 26.9 percent.
On the other hand, domestic credit card use only increased by 5.4 percent.
Experts said that this is due to an increase of Koreans traveling abroad and spending more overseas due to the revised tax codes last year that increases travelers’ duty-free allowance to $600 from $400.