SOUTH KOREA.Duty-free retail sales nationwide (excluding inflight retail) rose by +29.6% month-on-month to almost KRW1.2 trillion (US$858 million). However, that represents a drop of -2.88% on March despite a +56.7% year-on-year (+7.9% month-on-month) increase in shoppers to 2,304,003.
Such disparities are explained by the Korea Customs Serice crackdown on the reselling sector last year.
“Due to the increase of foreign visitors, sales increased over Feburary but still decreased from 2023,” a senior Korean travel retail executive told The Moodie Davitt Report.
“At the same time I guess the daigou business is still in operation with retailers struggling to detour the KCS regulation.”
All graphics and tables care of Korea Duty Free Association. Click on the images to enlarge.Sales to foreigners rose sharply in the month, partly due to rebounding passenger traffic
