Inbound tourism to South Korea surged in the first nine months of the year, driven by a strong influx of Chinese and Taiwanese visitors. Foreign card spending in the tourism sector jumped nearly 50%, breathing new life into local retail and accommodation industries.
South Korea is launching a massive, nationwide consumption festival on October 29 running through November 15, with some 40,000 businesses participating. The comprehensive discount event spans agricultural and fishery products, automobiles, and home appliances, supported by expanded subsidies for local currency vouchers and traditional market gift cards to bolster domestic demand.
Retail prices for napa cabbage, radishes, and dried chili powder dropped compared to the same period last year ahead of the traditional winter kimchi-making season. However, prices showed a mixed trend across ingredients, with salted shrimp surging 35%.
South Korea is expanding discount subsidies and export channels for agricultural produce as favorable weather and surging shipments drive prices down by nearly 50% compared to historical averages, triggering government intervention to support struggling farms.
With the college entrance exams approaching, South Korea's food safety authority has issued a health advisory regarding excessive caffeine consumption among teenagers, noting that a single Americano from a coffee shop can hit the daily recommended limit.
Major South Korean retailers are intensifying price competition and expanding discount offerings as they struggle to retain customers amid a structural shift toward e-commerce. While hypermarkets posted a modest rebound in August, convenience store growth continues to stall as consumers consolidate their spending.
The South Korean government has announced plans to cut the number of fisheries-related regulations by 50% by 2031, aiming to modernize the industry through data-driven management and streamlined operational rules.
South Korea will revamp its Onnuri commercial voucher system next year, reducing upfront purchase discounts and introducing targeted post-purchase refunds to channel consumer spending toward traditional markets and struggling regional economies.
15.05 million visitors to Korea in August, ‘highest ever’… In August, 2.25 million people spent 14.18 trillion won on tourist cards... The use of local airports also increased rapidly, and as the number of foreigners visiting the country increased, tourism consumption also jumped significantly. The number of visitors to Korea from August to August this year increased by 21.6% compared to the previous year, while card spending in the tourism sector increased by 48.5%.
Lotte Mart's pre-order ratio increased from 55% to 70% in two years, and E-Mart also increased to 72.6%... Korean beef is being spread in small packages from 450g to 200g. The formula for ‘Daemok’ is changing in the Chuseok futures market. Unlike in the past when consumption was concentrated in stores right before the holidays, more than 70% of gift set sales revenue at large supermarkets occurs during the pre-order period. number of people
