Last Year, 22.72 Million Departed... $19.2 Billion Spent on Cards Overseas

Card Spending Growth Rate Hits Highest in 13 Years

Last year, as overseas travel by domestic residents surged, the amount spent on cards abroad by residents increased by 32.2%. This is the highest growth rate in 13 years since 2010 (+35.2%) right after the global financial crisis.

According to the "2023 Mid-Year Overseas Card Usage by Residents" report released by the Bank of Korea on the 29th, the amount spent on cards abroad by domestic residents last year was $19.22 billion, a 32.2% increase compared to $14.54 billion in 2022.

This is due to a significant rise in the number of outbound travelers as demand for overseas travel increased. According to the Korea Culture and Tourism Institute, the number of outbound travelers last year was 22.72 million, a 246.6% increase from 6.55 million the previous year. The number of outbound travelers had remained in the 20 million range from 2016 to 2019, but after the COVID-19 pandemic broke out, it did not exceed 7 million for three years. Then, as various countries began lifting entry restrictions during 2022, the number of outbound travelers last year nearly returned to pre-COVID-19 levels.

Online shopping through direct overseas purchases ("jikgu") also increased. The amount spent on jikgu, which was $4.14 billion in 2022, rose by 25% to $5.17 billion last year.

Looking at the details, the number of cards used last year was 63.563 million, with an average spending amount of $302 per card. These figures represent increases of 23.9% and 6.7%, respectively, compared to the previous year.

By card type, both credit cards and check cards saw increases in spending amounts. Credit card spending rose by 34.4%, while check card spending increased by 25.8% compared to the previous year.

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