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Photo courtesy of Olive Young |
[Alpha Biz= Ellie Kim] A sharp depreciation of the Korean won—pushing the exchange rate above 1,500 won per U.S. dollar—has made South Korea an increasingly attractive destination for foreign tourists, fueling record-high spending on shopping, beauty, and food.
According to the Korea Tourism Organization on June 9, foreign visitors spent more than 1.3 trillion won in April, marking the highest monthly total on record. The figure follows a previous milestone in March, when spending first exceeded 1 trillion won, coinciding with the return of BTS.
The total “global Hallyu consumption” for April reached 1.3287 trillion won, up 21.7% from the previous month (1.0917 trillion won) and 54.6% higher than a year earlier.
The metric is calculated based on foreign visitors’ card spending, excluding categories unrelated to tourism or outside the influence of Korean pop culture, such as accommodation and transportation. It includes expenditures on performances, shopping, cultural experiences, fashion, and sports activities.
After peaking at 962 billion won in November last year, spending declined to 645 billion won in February before rebounding sharply in March and April.
By category, shopping accounted for the largest share at 38.4%, followed by beauty and wellness (22.0%), fashion (14.0%), lifestyle food (12.2%), Korean cuisine (10.2%), and nightlife (1.6%).
Industry analysts say the weaker currency has effectively boosted purchasing power for foreign visitors, reinforcing South Korea’s appeal as a shopping and cultural tourism destination.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
