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Credit card spending by Chinese in Korea quintuples in 5 years
By 김화균Published : Sept. 8, 2016 - 15:45
[THE INVESTOR] Card spending by Chinese travelers in South Korea has risen more than five times over the past five years, data showed on Sept. 8.
Chinese nationals spent 4.32 trillion won (US$3.95 billion) with their credit cards during their stays here in the first half of 2016, up from 785.8 billion won four years ago, according to the data compiled by Shinhan Card’s big data center and Korea Culture & Tourism Institute.
The growth far surpasses the 2.4 times hike in average card spending by foreigners during the same period.
Over half of their card expenditure was on shopping, while 978.4 billion won and 422.7 billion won was spent on accommodation and food, respectively, the data showed.
By region, Seoul dominated with 72.1 percent of credit card transactions taking place in the city. The southern resort island of Jejudo and Gyeonggi Province took up 8.1 percent and 5.1 percent of the transactions, respectively.
(theinvestor@heraldcorp.com)
Chinese nationals spent 4.32 trillion won (US$3.95 billion) with their credit cards during their stays here in the first half of 2016, up from 785.8 billion won four years ago, according to the data compiled by Shinhan Card’s big data center and Korea Culture & Tourism Institute.
The growth far surpasses the 2.4 times hike in average card spending by foreigners during the same period.
Over half of their card expenditure was on shopping, while 978.4 billion won and 422.7 billion won was spent on accommodation and food, respectively, the data showed.
By region, Seoul dominated with 72.1 percent of credit card transactions taking place in the city. The southern resort island of Jejudo and Gyeonggi Province took up 8.1 percent and 5.1 percent of the transactions, respectively.
(theinvestor@heraldcorp.com)
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