Foreign Credit Card Spending in South Korea Surges Nearly Tenfold Since Early 2023

Credit card spending by foreign visitors in South Korea surged to nearly ten times the level recorded in January 2023, according to a report released Tuesday by Korea Credit Data (KCD). The monthly index for overseas card sales reached 960 in June, up from a base of 100 in January 2023. During this period, the share of overseas card revenues relative to total revenues rose from 0.2 percent to 1.2 percent. This growth coincides with a sharp increase in tourism, as South Korea attracted 10.7 million foreign visitors in the first half of the year, an increase of approximately 21 percent compared to the same period in 2025.

Spending remains heavily concentrated in specific regions and sectors. Over the past 12 months, Seoul accounted for 65 percent of all overseas card sales, followed by Gyeonggi Province at 11 percent and Busan at 8 percent. In the service sector, dermatology clinics accounted for 40 percent of revenues and plastic surgery clinics accounted for 14 percent. Within the retail sector, fashion and clothing shops represented 28 percent of sales, while Korean food restaurants made up 19 percent of the food service sector.

Foreign visitors spent more per transaction than domestic users across all analyzed sectors. In the service sector, the average overseas transaction was 166,000 won (117 US dollars), compared to 47,000 won for Korean nationals. Retail spending averaged 32,000 won for foreigners and 19,000 won for locals, while food and beverage spending averaged 33,000 won for foreigners and 28,000 won for locals.

Further analysis indicated that the growth is concentrated among a small number of businesses. The top 1 percent of businesses by overseas card sales accounted for 66.9 percent of the total over the past year. KCD noted that spending is highest in government designated special tourist zones such as Myeong-dong and Gangnam. The company suggested that improved payment infrastructure and management services are needed to help smaller neighborhood merchants benefit from the increase in foreign visitors.