South Korea duty free sales grow +33% to $10.5bn
In this article (4)
According to the Korean Customs Service (KCS) which recently shared some Korean duty free sales figures with the local media, the total DF market in South Korea grew by +33.5% in 2016, registering sales of KRW12,275.7bn (US$10.56bn)
The No. 1 duty free retailer in South Korea, Lotte Duty free, registered sales of KRW5,972.8bn (US$5.13bn)in 2016, whilst second-placed Shilla Duty Free saw sales rise to KRW3,405.3bn (US$2.93bn).
Shinsegae Duty Free posted sales of KRW960.8bn (US$826m).
By product category, sales of cosmetics – the highest-grossing product category – rose to KRW6,273.3bn (US$5.4bn); sales of handbags reached KRW1,735.6bn ($1.5bn); watches KRW935.9bn (US$804.5m) and tobacco KRW593.5bn ($510.2m).
Questions & Answers
Q.Which duty free retailers are mentioned in the article, and what were their 2016 sales figures?
Which duty free retailers are mentioned in the article, and what were their 2016 sales figures?
Lotte Duty Free was the largest retailer with sales of US$5.13bn. Shilla Duty Free recorded US$2.93bn, and Shinsegae Duty Free posted sales of US$826m in 2016.
Q.What was the total value of South Korea's duty free market in 2016, and what was its growth rate?
What was the total value of South Korea's duty free market in 2016, and what was its growth rate?
The total duty free market in South Korea reached US$10.56bn in 2016. This figure represents a growth of 33.5% compared to the previous period.
Q.Which product category generated the highest sales, and what were its figures?
Which product category generated the highest sales, and what were its figures?
Cosmetics was the highest-grossing product category, achieving sales of US$5.4bn. Other significant categories included handbags, watches, and tobacco.
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