Foreign card spending in Korea tops 2 trillion won for first time in May as visitor count crosses 10 million

The number of foreign tourists visiting South Korea this year surpassed 10 million about a month ahead of last year's pace, reflecting sharp growth in inbound tourism. Foreign visitors' domestic card spending in May alone exceeded 2 trillion won ($1.3 billion) for the first time on a monthly basis, making a significant contribution to domestic consumption.

The Ministry of Culture, Sports and Tourism announced Wednesday that cumulative inbound foreign tourists had provisionally crossed 10 million through last weekend — the third week of June — roughly a month faster than the same milestone was reached last year.

About 1.95 million foreign tourists visited South Korea in May, up 19.4 percent from about 1.63 million in the same month last year. The cumulative total from January through May reached about 8.72 million, a 21 percent increase from about 7.21 million over the same period last year. If the trend continues, the government's annual target of 20 million foreign visitors appears well within reach.

Growth in the inbound tourism market this year was driven by traditional powerhouses China and Japan, with long-haul markets also contributing. In May, China led all source markets with 563,600 visitors, up 16.4 percent, followed by Japan with 357,530, up 22.6 percent. Taiwan recorded 191,795 visitors (up 27.6 percent), Hong Kong 59,888 (up 16.6 percent), the Americas 206,303 (up 16.5 percent), Europe 149,807 (up 24.1 percent), and Southeast Asia, Oceania, Africa and other regions combined 416,886 (up 17.8 percent).

The geographic spread of foreign visitors across the country also continued to widen. Some 360,000 foreign tourists entered through regional airports in May, up 32 percent from about 270,000 in the same month last year.

Foreign tourists' card spending in South Korea in May — including online transactions — was estimated at about 2.1 trillion won, the first time monthly spending has exceeded 2 trillion won since the Korea Tourism Data Lab began tracking the figure in January 2018. The total surged 67.1 percent from 1.27 trillion won recorded in the same month last year. Cumulative card spending on tourism from January through May reached approximately 7.98 trillion won, up 47.3 percent from 5.42 trillion won in the same period last year.

The surge in card spending is attributed largely to the sheer growth in visitor numbers. With inbound tourism already surpassing 10 million in the first half of the year and card spending setting an all-time monthly record, the tourism industry is expected to enter a phase of qualitative growth, expanding both in scale and economic depth.

"Despite fuel surcharge increases stemming from tensions in the Middle East, the total number of inbound foreign visitors through May rose 21 percent year-on-year, and the 10 million mark was crossed by mid-June, demonstrating the resilience of Korea's inbound tourism growth," said Kang Jeong-won, director general for tourism policy at the Ministry of Culture, Sports and Tourism. "We will expand cooperation with the private sector — including K-pop singers and export companies — to promote the appeal of Korean tourism to more people around the world," he added.