Chinese tourist spending in S. Korea falls in Q1: report

[webfact]

Chinese tourist spending in S. Korea falls in Q1: report
By Digital Content

SEOUL, Aug 25 (Yonhap) -- Chinese tourists spent less during their visits to South Korea in the first quarter, with their satisfaction with their trips also falling, a report showed Monday.

The amount of money spent by Chinese tourists in Korea in the January-March period averaged US$1,738.4, slumping 20.4 percent from the previous quarter, according to the report by the Korea Culture & Tourism Institute.

The quarterly figure also marks a 7.8 percent fall from the same period last year.

Chinese tourists also spent less on shopping. Their spending on shopping came in at $1,244.1 per person in the first quarter, dropping 11.2 percent from three months earlier.

The report also showed that Chinese tourists were less happy with their visits to Korea. Their overall satisfaction level came in at 4.06 points on a scale of 5, down from 4.23 points in the fourth quarter.

Chinese tourists said they were mostly satisfied with safety, shopping and transportation but were dissatisfied with communication, food and prices.

A total of 81.2 percent of respondents said they shopped at duty free stores in the city center. Myeongdong, a shopping mecca in downtown Seoul, came next at 33.1 percent, followed by Dongdaemun Market, also in central Seoul, with 29.8 percent.

The poll was a multiple-response survey.

The latest report comes as the local tourism and retail industry is betting on Chinese tourists as a major source of profit.

An earlier report by Hana Daetoo Securities Co. said that spending by travelers from China is likely to reach 30.5 trillion won (US$29.8 billion) in 2020, nearly five times the 6.2 trillion won logged last year.

The report forecast the number of Chinese tourists to climb 19.8 percent on a yearly basis, reaching 14.9 million by 2020. (Yonhap)


-- TNA 2014-08-25

[DaamNaam]

No wonder. All the Chinese are here in Chiang Mai, that's why.

[rickirs]

A deflated yuan value is great for exports but will have less spending power outside the country. If this is the case with the Chinese visiting Korea, the same situation will happen in Thailand - less Chinese spending. Happiness surveys and TOT confidence won't matter.