BUSINESS Revenue of S. Korean duty free shops posts double-digit growth in 2019

BUSINESS

Revenue of S. Korean duty free shops posts double-digit growth in 2019

Xinhua

17:20, February 04, 2020

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File photo: CGTN

SEOUL, Feb. 4 (Xinhua) -- Revenue of South Korean duty-free shops posted a double-digit growth last year amid an increased number of foreign tourists visiting the country, industry data showed Tuesday.

Revenue of local duty-free stores totaled 24.9 trillion won (21 billion U.S. dollars) in 2019, up 31.1 percent from the previous year, according to the Korea Duty Free Shops Association.

Among the total, the sale to foreign travelers accounted for 83 percent.

The number of foreigners, who shopped at the duty-free stores, was 20,016,150 in 2019, up 9.9 percent from a year earlier.

The number of South Korean shoppers at the duty-free shops declined five percent to 28,427,360 last year.

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