Seoul, September 24, 2024: A recent analysis by global payment technology company Visa reveals that South Koreans have shown a growing preference for traveling to Asian countries during the first half of 2024, with 60% of their overseas card spending originating from the Asia-Pacific region.
According to the report, Visa conducted an analysis of South Koreans’ overseas Visa card spending in offline加盟 stores and found that the Asia-Pacific region accounted for 62% of their total overseas card spending, a 9 percentage point increase from the previous year. Europe followed with 22% and the United States with 13%.
In the Asia-Pacific region, Japan topped the list with a 48% share of South Koreans’ card spending, followed by Vietnam (14%), Australia (6%), Thailand (6%), and Guam (3%). Notably, the spending in Japan saw a 9 percentage point increase due to the weakening yen and the increase in direct flights to Japan.
South Koreans primarily used their cards for shopping in Japan, while in Australia, they were used for dining, purchasing medicines, and health products.
The analysis indicates that the trend of South Koreans’ increased spending in Asia is likely due to various factors, including the region’s cultural and historical significance to them, the availability of affordable travel options, and the diverse range of destinations within the region.
The rise in spending in Japan is particularly noteworthy, as it demonstrates the strong cultural and historical ties between South Korea and Japan. The increase in direct flights has also made travel to Japan more accessible and convenient for South Koreans.
The report also highlights the growing popularity of travel within the Asia-Pacific region among South Koreans. This trend is likely to continue in the coming years, as the region offers a wide range of destinations, from bustling cities to serene beaches, and from ancient ruins to modern wonders.
The analysis by Visa provides valuable insights into the travel spending patterns of South Koreans and the importance of the Asia-Pacific region in their travel plans. It also underscores the growing influence of the region in the global tourism industry.
As the Asia-Pacific region continues to attract more travelers from South Korea and other parts of the world, it is expected to see significant growth in its tourism and hospitality sectors. This growth will not only benefit the region’s economies but also contribute to the overall global tourism industry.
In conclusion, the Visa report highlights the growing preference of South Koreans for traveling to Asian countries, with 60% of their overseas card spending originating from the Asia-Pacific region. This trend is likely to continue in the coming years, as the region offers a wide range of destinations and experiences that cater to the diverse tastes and preferences of travelers.
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