Busan, South Korea, sees department store revenue from record tourist numbers
Key Points
- Busan set a record by hosting 1.94 million foreign visitors in the first five months of the year.
- Foreign tourist spending reached 132.2 billion won ($89 million) in May.
- Sales growth at some stores in the city surpassed their competitors in the capital, Seoul.
- The 40% increase in visitor numbers was nearly double the national growth rate.
By the Numbers
Busan, South Korea's second-largest city, is experiencing a tourism surge driven by a record number of foreign visitors. The city's major department stores are benefiting significantly from this trend, with some branches' sales growth rates even outpacing those of retailers in the capital, Seoul.
The number of foreign tourists visiting Busan between January and May approached 1.94 million. This figure marks a 40% increase compared to the same period last year. This growth was recorded at nearly double the national growth rate.
This growing tourist interest is also directly impacting the local economy. In May alone, foreign visitor spending reached 132.2 billion won (approximately 89 million USD). With this spending volume, Busan ranks second nationwide in foreign tourist revenue, behind only Seoul.
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Frequently Asked Questions
- What is the rate of increase in the number of foreign tourists visiting Busan?
- Between January and May, the number of foreign visitors increased by 40% compared to the same period last year.
- How much did foreign tourists spend in Busan in May?
- The total spending by foreign visitors in May was reported as 132.2 billion won ($89 million).
- Is Busan's tourism growth different from the national trend?
- Yes, the 40% increase in foreign visitors in the city was nearly double the national average growth rate.
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- The Korea Herald (Biz)·