The Korean duty-free market in 2023 did not continue the post-pandemic recovery path seen up to 2022. Salvaging sales abroad is one way to offset the damage.
Korean duty free sales hit highest level for six months
May 5, 2021 Comments Off on Korean duty free sales hit highest level for six months
The latest figures from the Korean Duty Free Shop Association recorded sales of 1.4tr won ($1.2bn) at domestic duty free shops in March
Korea’s duty-free shops reported their highest sales since September last year in March.
The 1.4tr won in sales reported by the
Korea Duty Free Shop Association for March marks the highest figure for six months, since the 1.48tr won recorded in September, and represents an large increase on the 1.17tr won recorded in February.
Korean duty-free sales almost flat in January but down 31% yoy
Overseas shoppers still accounted for the vast majority of sales
Duty-free sales in
According to figures by the
Korea Duty Free Shop Association, sales to foreigners hit KRW1.34trn, with downtown shopping bringing in most of it, at KRW1.33trn, with the channel reaching KRW1.34trn overall in January.
Downtown Seoul saw sales of KRW1.29trn, while Incheon brought in KRW10.3bn worth of duty-free sales, as the Covid-19 crisis is still impacting the airport.
In Busan, sales reached KRW18bn, and in Jeju shoppers bought KRWKRW57.8bn worth of duty-free items.