CJ Olive Young 披露外国顾客今年前8个月线下消费突破1万亿韩元，同比增长47%

CJ Olive Young (001040.KS) said foreign customers spent more than 1 trillion won ($720 million) at its offline stores in South Korea through August, reaching the milestone about three months earlier than last year, when the retailer first crossed the mark in November. The spending pattern shows K-beauty shopping by foreign tourists spreading beyond major Seoul shopping districts to regions outside the greater Seoul area.
Foreign sales rose 47% from a year earlier in the January-August period, the health and beauty retailer said on the 31st. Foreign customers made 11.01 million transactions over the same period, or roughly one payment every 0.9 seconds based on store operating hours. Foreign shoppers accounted for 33% of total offline sales as of August, up 31 percentage points from 2% in 2022.
Customers also came from a wider range of countries. Based on tax refund data from Global Tax Free, shoppers from 192 countries made purchases at Olive Young this year. The United States, Singapore, Japan, China and Thailand ranked highest by purchase value. Foreign customers bought an average of six products per visit, and 35% — roughly one in three — spent 100,000 won or more.
Growth was especially strong outside the greater Seoul area. Foreign sales at stores in Gangwon Province jumped 105% from a year earlier in the January-August period, followed by Gyeongju at 88%, Daejeon at 80% and Jeonju at 62%. The number of countries represented among foreign customers visiting Gangwon rose to 85 from 76 a year earlier, while Gyeongju rose to 100 from 88.
Dermatological skincare products grew fastest by category, with foreign sales up 78% from a year earlier in the January-August period. The company said more foreign customers are browsing its product lineup and choosing new items rather than seeking out previously popular products.
Olive Young plans to strengthen its stores outside the greater Seoul area as foreign tourists travel to more regions. It will renovate large stores and expand locally tailored outlets in major tourist destinations including Busan and Jeju. By the end of the year, the company plans to analyze the nationality, age, preferences and travel purpose of foreign customers by shopping district and tailor product assortments and store operations accordingly.
"We will improve the shopping experience for foreign customers through large stores and locally tailored outlets not only in Seoul but also outside the greater Seoul area, and expand our points of contact for introducing K-beauty and K-wellness products," an Olive Young official said.