Foreign spending in South Korea doubles in H1, led by medical tourism

South Korea is experiencing a significant boom in foreign tourist spending, with a 54% increase in the first half of the year, largely fueled by a surge in medical tourism. Analysis from BC Card reveals that foreign card usage in the country rose by 53.6%, with transaction volume up 40.3% compared to the same period last year.

The rebound in Chinese tourism is particularly notable, with Chinese visitors' card usage increasing by 56.6% year-on-year, outpacing growth from other major markets like the US, Taiwan, Japan, and Singapore. Chinese tourists' spending also saw a substantial jump of 82.7%.

Beyond traditional shopping, foreign visitors are increasingly diversifying their spending to include medical services, K-beauty treatments, and leisure activities. While shopping still represents a large portion of spending, the growth in medical services (+75.3%) and experiences/leisure (+121.7%) is striking. BC Card noted this shift indicates a move towards "complex purpose travel" where tourists seek to combine sightseeing with medical treatments and cultural immersion.

Seoul has emerged as the primary hub for medical tourism, accounting for 92.8% of all medical spending by foreigners. Medical service usage in the capital city increased by 91.8%, significantly outperforming other regions. The trend within medical tourism is also evolving, moving from a focus on plastic surgery to a greater emphasis on dermatological and aesthetic treatments, alongside a dramatic rise in pharmacy spending, which saw an increase of 1176.9%.