Duty-Free Sales in South Korea Expected to Reach 20 Trillion Won

Duty-Free Sales in South Korea

Duty-free sales in South Korea are expected to reach 20 trillion won this year, according to a report by the Korea Customs Service. This would be a 10% increase from last year's sales of 18.2 trillion won. The growth is being driven by a number of factors, including the increasing number of Chinese tourists visiting South Korea and the popularity of Korean beauty products.

Factors Contributing to Growth

• Increasing number of Chinese tourists visiting South Korea
• Popularity of Korean beauty products
• Weakening of the won against the US dollar

The weakening of the won against the US dollar has also made South Korean goods more affordable for foreign tourists. In addition, the government has been taking steps to promote duty-free shopping in South Korea, such as increasing the number of duty-free shops and extending the hours of operation.

Chinese Tourists Driving Growth

Chinese tourists are the biggest drivers of growth in duty-free sales in South Korea. In 2018, Chinese tourists accounted for 70% of all duty-free sales in South Korea. This is due in part to the fact that Chinese tourists are increasingly wealthy and are willing to spend money on luxury goods.

The popularity of Korean beauty products is another major factor driving growth in duty-free sales. Korean beauty products are known for their high quality and innovative ingredients. They are also relatively affordable compared to other luxury beauty brands.

Government Support for Duty-Free Shopping

The South Korean government has been taking steps to promote duty-free shopping in the country. In recent years, the government has increased the number of duty-free shops and extended the hours of operation. The government has also made it easier for foreign tourists to get visas to visit South Korea.

Conclusion

Duty-free sales in South Korea are expected to continue to grow in the coming years. The increasing number of Chinese tourists visiting South Korea and the popularity of Korean beauty products are two major factors driving growth. The South Korean government is also taking steps to promote duty-free shopping in the country.