$4.65 Billion in Overseas Card Spending in Q2... Approaching Pre-COVID-19 Levels

26.9% Increase Compared to Q2 of Last Year

With a significant increase in overseas travel in the first half of this year, the amount spent on overseas card usage in the second quarter nearly reached the level of the fourth quarter of 2019, just before the COVID-19 pandemic.

On the 31st, the Bank of Korea announced that the amount spent by residents using cards (credit, check, and debit cards) overseas in the second quarter of this year was $4.65 billion, a 1.0% increase compared to $4.6 billion in the first quarter.

As demand for overseas travel expanded due to the easing of COVID-19 restrictions, this represents a 26.9% increase compared to $3.66 billion in the second quarter of last year. This amount is close to the $4.883 billion spent on overseas card usage in the fourth quarter of 2019, just before the impact of COVID-19.

The Bank of Korea explained, "The number of Korean nationals traveling abroad in the second quarter was 4.952 million, maintaining the level of the previous quarter, and the slight increase in card usage compared to the first quarter was influenced by the rise in direct overseas purchases through online shopping." The amount spent on direct overseas purchases via online shopping increased by 3.8%, from $1.2 billion to $1.24 billion.

Card usage by non-residents, including foreigners, in Korea also increased. According to the Bank of Korea, the amount spent by non-residents using cards in the second quarter was $2.495 billion, a 27.4% increase from $1.959 billion in the first quarter. However, this is still 27.4% lower than the $2.719 billion recorded in the fourth quarter of 2019, just before COVID-19.

If this trend continues, it is highly likely that the overseas card usage performance of residents in the third quarter will recover to the level of the fourth quarter of 2019, before COVID-19.

Regarding future prospects, a Bank of Korea official said, "The third quarter includes peak travel seasons such as the summer vacation in August and Chuseok, so the number of outbound travelers may increase. With the recent allowance of group tours for Chinese tourists this month, the amount spent by non-residents using cards domestically may also increase, so we need to monitor the situation."

By card type, credit card usage increased by 2%, while check card (-2.4%) and debit card (-5.0%) usage decreased.

On the 24th, Chinese group tourists are arriving at Incheon International Airport Terminal 1. On this day, to commemorate the 31st anniversary of Korea-China diplomatic relations, the Korea Tourism Organization held a welcoming event for Chinese group tourists. Photo by Jinhyung Kang aymsdream@

This content was produced with the assistance of AI translation services.