Korean Duty-Free Industry Data: Clothing And Cosmetics Are Still Popular.

A few days ago, the duty-free shops in Korea released statistics.

The total sales volume was 8 billion 143 million US dollars (about 54 billion 20 million yuan), an increase of 3% over the same period last year, of which Chinese consumption amounted to 4 billion 476 million US dollars (about 291.5 billion yuan), accounting for 52%.

Overseas high-end clothing and cosmetics are still favored by Chinese tourists.

It is understood that luxury brands from Europe and the United States have been the main source of income for the Lotte duty-free shops in Korea. LV, France's brand, ranks top in the sales list for 2010-2013 years.

Affected by the Middle East respiratory syndrome and the changes in consumption habits of overseas tourists, sales of LV's Lotte duty-free shops in 2015 shrank by more than 1/4, reaching 67 billion 100 million won (about 355 million yuan), while Cartire, the famous brand Cartire, also suffered a slide in the same period, with a decline of more than 30%.

In fact, except for parts.

The sale of duty-free shops in Korea also faces competition from Japanese and Thailand counterparts.

Data show that in 2015, the per capita consumption of foreign tourists in duty-free shops in Korea dropped from 346 US dollars in 2014 to US $337, which is the first time that the per capita consumption of duty-free shops in Korea has declined since 2009.

At the same time, Chinese tourists in a department store in Seoul achieved a super 60% growth over the past two years, and dropped sharply to 6.8% last year. Although the slowdown has slowed down, the sales volume of Chinese tourists in some department stores in Seoul is still nearly 20%.

Insiders analyzed that the two sides formally signed the agreement in June last year.

Since then, there have been two tax reductions, and this has also affected the Korean duty-free market to a certain extent.

Yonhap reported that the South Korean government predicted that after the Sino Korean FTA came into effect, the scale of consumer benefit will reach 14 billion 600 million dollars.