NH Nonghyup Bank: "Japan Was the Most Visited Destination by Koreans Over the Past Three Years"

Analysis of 18.7 Million NH Nonghyup Card Transactions
Over 15% Visited More Than Once
Department Stores Most Popular for Spending, with 257,000 Won Average
Portugal and China Top Destinations This Year
One in Five Traveled to More Than Two Countries
"Buying Airline Tickets on Mondays and Tuesdays Is Most Cost-Effective"

It has been found that Japan was the most popular travel destination among Koreans over the past three years. In Japan, the place where Koreans spent the most was department stores, with an average expenditure of 250,000 won. This year, Portugal was the most visited destination during the summer, while China was the top choice in the winter.

According to an analysis by NH Nonghyup Bank of 18.7 million card transactions, Japan ranked first in the number of Korean customers who made offline overseas payments with Nonghyup cards from January 2023 to November this year. NH Nonghyup Bank explained, "Japan has become a regular destination for Koreans due to its short flight time and the effect of the weak yen." During this period, the average length of stay in Japan was 2.8 days, and 84.8% of customers visited only once. The proportion of customers who visited Japan for two or more years was 15.2% (12.5% for two years, 2.7% for three years). This is 1.6 times higher than the proportion for Vietnam, which ranked second in the number of visitors (9%). The most frequented stores by Koreans in Japan were department stores, where Koreans spent an average of 257,000 won. Convenience stores and retail shops (such as MUJI and Daiso) followed. In particular, the average payment amount at convenience stores was 41,000 won, which is 5.5 times higher than the domestic average of 7,500 won.

Based on the year-on-year growth rate of offline overseas payments, Portugal (summer, June to August) and China (winter, January to February) were the most popular travel destinations this year. The growth rates were 75% and 37%, respectively. NH Nonghyup Bank analyzed that the increase in demand for Portugal was due to the launch of new direct flights, while the demand for travel to China was boosted by relaxed visa policies.

Last year, 21% of NH Nonghyup Bank customers traveled to more than two countries in a year, meaning that one out of five customers crossed borders for travel. The average length of a single trip was 4.9 days, and 29% of customers traveled for four days or more in a year.

NH Nonghyup Bank analyzed that overseas travel demand has shown a clear recovery since the COVID-19 endemic in 2022, based on the trend of overseas payment amounts. According to NH Nonghyup Bank card data, the amount of offline overseas payments in October this year reached the highest level in the past four years. When the figure for January 2022 is indexed at 100, the figure for October is 421, indicating a 321% increase in overseas payment usage compared to January 2022.

Overseas simple payment usage is also increasing. Last year, the number of Korean customers using Samsung Pay overseas increased by 47% compared to the previous year, and this year it rose by 61% compared to 2023. Last year, the country where Koreans used Samsung Pay the most was Japan, followed by the United States, Vietnam, Hungary, and Australia.

Meanwhile, according to NH Nonghyup Bank, purchasing airline tickets on Mondays and Tuesdays is the cheapest. Incheon International Airport is most congested on Fridays and at 7 a.m. and 12 p.m. According to last year's data on airline ticket purchases by day of the week, when the average transaction index is set at 100, Monday (121) and Tuesday (120) were the highest, and the average ticket price for these two days was the lowest at 710,000 won. In contrast, Thursday had the highest average ticket price at 850,000 won. In January and February this year, the number of passengers alighting at Incheon International Airport Terminals 1 and 2 was highest at 7 a.m. (200) and 12 p.m. (190), with Friday having the highest figure by day of the week at 113, when the average is set at 100.