With trips to South Korea continuing to rise, spending by Chinese tourists in the country is expected to exceed USD29 billion by 2020.
With KRW6.2 trillion spent last year, spending will multiply nearly five times over the next six years. Overall retail sales in South Korea are expected to climb to KRW398.2 trillion over the same time period, according to a study by Hana Daetoo Securities Co., reports GlobalPost.
"Chinese tourists provide an overwhelming source of growth momentum for all types of businesses in the local retail industry," said Hana Daetoo Securities researcher Park Jong-dae.
(Source: red luxury)