South Korea's foreign visitor numbers and spending hit record highs

South Korea is experiencing a surge in foreign tourism, with the cumulative number of visitors surpassing 10 million before the midpoint of the year. This milestone was reached approximately one month earlier than in the previous year, indicating a robust recovery in international travel to the country. The influx of tourists has also translated into record-breaking spending, with foreign credit card expenditures in South Korea exceeding 2 trillion won (approximately $1.4 billion USD) for the first time in May.

The tourism boom is largely attributed to the strong rebound in arrivals from key markets, particularly China and Japan. These countries, along with Taiwan and Hong Kong, have shown significant year-on-year growth in visitor numbers. Additionally, there has been a notable increase in foreign tourists entering South Korea through regional airports, with arrivals via these gateways jumping by 42% compared to the same period last year. This trend suggests a more distributed pattern of tourism across the country, rather than being concentrated solely in the capital region.

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Despite the increase in fuel surcharges due to the Middle East situation, the total number of foreign visitors to Korea as of May increased by 21% compared to the previous year, and we surpassed 10 million in mid-June, showing a solid growth trend in inbound tourism.

Overall, from January to May, South Korea welcomed 8.72 million foreign tourists, a 21% increase from the previous year. China led the inbound market with 2.56 million visitors, followed by Japan with 1.6 million. Longer-haul markets, including the Americas and Europe, also saw double-digit growth in tourist numbers, contributing to the overall positive trend.

The surge in tourism has had a direct impact on the South Korean economy. Foreign credit card spending, which includes online transactions, has shown a consistent upward trajectory. After a slight dip in February, spending rose from 1.71 trillion won in March to 1.99 trillion won in April, culminating in a record 2.12 trillion won in May. This marks the first time monthly spending has surpassed the 2 trillion won threshold since statistics began being collected in January 2018. The cumulative spending for the first five months of the year reached 7.98 trillion won, a substantial 47.3% increase from the same period in 2023.

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We will expand cooperation with the private sector, including K-pop singers and export companies, to promote the attractiveness of Korean tourism to more foreigners.