Cosmetics companies and duty-free shops in South Korea are seeing a continuous rise in stock prices because of soaring numbers of Chinese female tourists, according to a report by Huanqiu website. The Chinese made 574,000 travels to the ROK in June, accounting for 45 percent of all foreign tourists. Among those Chinese travelers, 305,000 of them were female, said the report, quoting statistics from South Korean financial investment and tourism information system. In June, cosmetics exports to China, including Hong Kong and Taiwan, alone accounted for 54.7 percent of the total South Korean exports of cosmetics, the custom data showed.
With considerable purchasing power, Chinese female tourists became South Korea’s market focus, the report quoted Yonhap. Chinese women are expected to be the main force to boost the development of South Korean duty-free shops and cosmetics industry as they gradually become key players in consumption, said a researcher at South Korea SK Securities Co Ltd. South Korean cosmetics makers LG Household & Health Care Co Ltd and AmorePacific saw their stock prices rise 8 percent and 20 percent respectively during the period between July 1 and August 1.
Stock price of The Shilla, a South Korean operator of luxury hotels and duty-free shops, went up by 24 percent during the same period. South Korea is mulling easing regulations on visa procedures and the establishment of resorts and casinos to attract more Chinese tourists and boost the tourism industry as a new growth engine, Yonhap reported on Sunday, quoting government sources.