Consumption up 62.1%... Foreigners Open Wallets in Jeju as Air Routes Normalize

Jeju Tourism Organization Announces Consumption Impact Analysis Results for July-September
Total Foreign Tourists 21,601 ... 54% Increase Compared to Same Period Last Year

[Asia Economy Reporter Kim Jeong-wan] As the number of foreign tourists visiting Jeju increases, the amount spent by foreign tourists in Jeju has significantly risen compared to the same period last year.

According to the "2022 Q3 Jeju Island Consumption Impact Analysis" conducted by Jeju Tourism Organization on the 10th, the total number of foreign tourists visiting Jeju from July to September this year was 21,601, a 54% increase compared to the same period last year.

With the increase in foreign tourists, the amount they spent also rose accordingly. During this period, foreign tourists' spending increased by 62.1% compared to the same period last year. This rise is attributed to the resumption of international flights originating from Jeju, which had been suspended due to the COVID-19 pandemic.

The proportion of foreign tourists' spending among the total spending by all tourists visiting Jeju during this period was 5.1%, up 1.2 percentage points from 3.9% in the same period last year.

The share of foreign tourists' card spending by industry was highest in accommodation (63.6%), followed by food and beverage (11.8%), and offline retail (10.6%). Among accommodation and travel industries, luxury hotels accounted for the largest share at 22.8%.

Domestic tourists' spending also sharply increased. The amount spent by domestic tourists in Q3 rose by 22.6% compared to the previous year. By industry, card spending shares were highest in food and beverage (33.9%), offline retail (29.3%), and accommodation and travel (18.1%).

By age group, domestic tourists' card spending shares were 40s (31.3%), 30s (26.3%), 50s (17.8%), 20s (14.7%), and 60 and above (9.5%). The year-on-year growth rates were relatively high for those aged 60 and above (+48.3%) and those in their 50s (+37.6%).

This situation is analyzed to be influenced by the increase in demand for group tourism such as family visitors, small group tourists, and group packages following the full lifting of social distancing measures.

A representative from Jeju Tourism Organization stated, "In the third quarter of this year, the recovery of foreign tourists was remarkable as quarantine measures for overseas arrivals were eased," adding, "As air routes continue to open one after another, we will strive to strengthen our foreign visitor reception system through various research and analysis."

Meanwhile, this analysis was based on Shinhan Card sales data estimated as total card sales amounts. Considering that cash usage amounts were omitted, the data was investigated focusing on trends and growth rates rather than absolute scale.