[Travel News]: Daigou trade drives up average foreigner spend in Korean duty free to US$26,370
TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.
The following is the [Travel News]: Daigou trade drives up average foreigner spend in Korean duty free to US$26,370 from [The Moodie Davitt Report] recommended by TheTourAttraction.com:
Once again the market was dominated by foreigners (mostly daigou traders).
Duty free sales in the Republic – the world’s biggest duty free market – rose by +8.55% month-on-month in April to KRW1.56 trillion (US$1.39 billion). That represents an approximate +72% year-on-year increase from last April’s US$804 million (itself a -54% year-on-year slump as the then fledgling COVID-19 pandemic began to take its commercial toll).
Once again the market was dominated by foreigners (mostly daigou traders), who accounted for 95% of sales (KRW1.48 trillion/US$1.32 billion, an increase of +9.3% month-on-month). The average transaction value per foreign customer reached an extraordinary KRW29.4 million (US$26,370), a reflection of the daigou-dominated business that Korean duty free has become.
Downtown sales accounted for the vast majority of revenue, reaching KRW1.48 trillion (US$1.33 billion). Airport sales, which remain heavily impacted by the pandemic, totalled just KRW9.7 billion (US$8.7 million).
Offshore duty free (domestic duty free sales to Korean nationals on Jeju island) reached KRW66.6 billion (US$59.8 million), with sales to foreigners on Jeju generating a mere KRW532,556,258 (US$478,000).