Foreigners visiting South Korea have surged, with their domestic card spending reaching a record high in the second quarter (March-June) of this year. According to the Bank of Korea, foreigners spent $4.86 billion domestically via cards during the second quarter, a 36.1% increase from $3.57 billion in the previous quarter. This also surpassed the previous record of $3.79 billion set in the second quarter of last year. The growth reflects increased interest in Korean cultural products like K-pop and a rise in foreign visitors. The number of inbound tourists in the second quarter reached 5.96 million people, a 21% year-on-year increase, marking an all-time high.
The average card expenditure per foreigner was $194, slightly up from $192 the previous month but down from $210 during the same period last year. The total number of cards used by foreigners was 25,020.
In contrast, South Koreans’ card spending abroad decreased to $5.85 billion, down 4.2% from $6.1 billion in the previous quarter. This marks the first decline since the fourth quarter of 2024. The Bank of Korea explained, “While direct purchases from overseas online shopping malls increased from $1.35 billion to $1.41 billion, overall overseas card spending fell due to reduced travel-related expenditures amid fewer outbound travelers.” The number of South Koreans traveling abroad in the second quarter was 6.631 million people, a 20.4% drop from 8.331 million people the previous month. It also declined compared to 6.767 million people during the same period last year. The decrease was attributed to high exchange rates and oil prices, which raised travel costs and dampened demand for international visits.
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