April 23, 2024

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[THE INVESTOR] Sales at Korean duty-free stores rose 28.6 percent on-year last month, industry data showed on Nov. 20.

Sales of local duty-free operators came to US$1.44 billion in October, according to the data compiled by the Korea Duty Free Shops Association.
 

The combined duty-free sales for this year came to US$12.9 billion as of September, already surpassing last year’s record of US$12.8 billion.

The tally has been increasing largely due to individual Chinese traders who sell their duty-free purchases to consumers back home amid a plunge in the number of Chinese people traveling to Korea, industry watchers said.

China prohibited its nationals from joining group tours to Korea in March last year in protest of Seoul’s decision to deploy a US anti-missile system.

The ban has since been partially lifted on offline marketing of Korea-bound group tours, but China has yet to completely lift restrictions.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)