A recovery in the influx of Chinese group tours into South Korea is becoming noticeable. Chinese tourists to South Korea have passed the pre-COVID-19 level and are getting closer to the level where they peaked in the past. New momentum in China’s recovering economy is also something that can help send more Chinese tourists to South Korea.
As of 10:24 a.m. on March 26 Hotel Shilla stocks were trading at 58,800 won per share on the KOSPI stock market of South Korea, up 1,000 won, or 1.73 percent, from the previous trading day. Hyundai Department Store’s stock price was up 0.60 percent. These stocks are representative stocks of duty-free shops in South Korea.
The number of passengers traveling to and from China through Incheon International Airport stood at 776,328 in February, according to aviation statistics from Incheon International Airport. The number has steadily risen month-on-month since November 2023 when it hit 538,320. It was about 100,000 more than the 648,502 in October 2023.
An increase in the number of Chinese tourists is also evident in the number of arrivals to Jeju Island. According to Hanwha Investment & Securities, the number of foreign visitors to Jeju Island nearly reached the 10,000 mark by hitting 9,864 on March 21. This was similar to the level in 2016 when the number of Chinese tourists to South Korea was at its highest. In January, the number of Chinese arrivals to Jeju Island stood at 86,000, already 39 percent higher than the 2019 level. Hanwha Investment & Securities estimated that Chinese tourists are arriving at the South Korean island mainly by cruise ship.