Sharp Increase in Overseas Credit Card Spending
Growth Expected to Continue During Extended Holidays
On the 4th, the golden holiday period including Labor Day and Children's Day continues, and the international terminal at Gimpo Airport in Gangseo-gu, Seoul is bustling with travelers. Photo by Kang Jin-hyung aymsdream@
As overseas travel restrictions ease, credit card payments in related industries such as travel agencies, airlines, and duty-free shops have surged this year. With the upcoming bridge holidays remaining, this trend is expected to continue.
On the 29th, KB Kookmin Card analyzed consumer data related to overseas travel industries and found that from the beginning of the year until the 15th, sales in major overseas travel-related sectors such as travel agencies, airlines, and duty-free shops increased by 409%, 150%, and 88%, respectively, compared to the same period last year.
First, in terms of airline ticket purchases, the Asia region accounted for 81%. This was followed by Europe at 8%, and the Americas and Oceania each at 5%. Among the Asian countries, Japan held the largest share, accounting for more than half at 52%. Next were Vietnam (12%), Thailand (10%), the Philippines (9%), Taiwan (5%), Indonesia (3%), and China (3%). Similar to last year, Japan (47%), Thailand (15%), and Vietnam (13%) had high proportions.
Based on the daily average, the growth rate of airline ticket purchases was highest in Asia. Purchases increased by 192% through the 15th of this year. Within Asia, China and Taiwan, which had fewer travelers last year, showed remarkable growth rates of 1634% and 923%, respectively. Japan and Vietnam, the countries with the most travelers, also increased by 222% and 163%, respectively.
During the May bridge holiday period, overseas travel popularity soared. At Incheon International Airport, spending at restaurants, cafes, and duty-free shops increased by 340%, 319%, and 218%, respectively, compared to the same period last year.
By overseas region, spending increased by 50% in Asia and 77% in Oceania. Along with short-distance travel to Asia, travel to Oceania during the holidays also saw a significant rise. Specifically, in Asia, Taiwan (319%), Vietnam (227%), Japan (193%), and Thailand (172%) showed high growth rates. In Oceania, Guam increased by 137%, while Australia and New Zealand each rose by 55%.
A representative from KB Kookmin Card’s Data Strategy Group stated, "Sales across all overseas travel-related industries have shown a continuous upward trend compared to last year. Airline ticket purchases have continued to increase in April and May, and with the upcoming early June bridge holidays and summer vacation season, the number of travelers heading overseas is expected to explode."
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