BTS turned Gwanghwamun into a global stage on March 21, but for nearby merchants, the concert weekend reshuffled spending rather than delivering a broad retail boost.
Foreign card spending in the Gwanghwamun area surged 74 percent from a year earlier over the three days from Friday to Sunday, according to data from Hyundai Card released Monday. But total spending edged down 0.53 percent, as a 1.4 percent drop in Korean spending offset the gains.
The weakness was concentrated on the concert day. Spending on Saturday plunged 38 percent to 66.2 million won ($44,000), from 105.9 million won a year earlier. It rebounded 37 percent on Sunday and rose 6.5 percent on Friday.
Spending patterns also shifted. Pharmacies — a staple stop for foreign visitors — saw sales more than double to 8.56 million won over the three days, while convenience store spending rose 27 percent to 30.3 million won. Restaurant spending, by contrast, fell 4.3 percent overall and dropped 41 percent on the concert day, suggesting the event favored quick, practical purchases over sit-down dining.
The age breakdown told a similar story. Spending rose 13 percent among cardholders in their 20s and 3 percent among those in their 30s, while spending by people in their 40s was little changed. Cardholders in their 50s and older cut spending by about 8 percent.
The card data broadly matched the weekend's crowd count. Touted as a potential spending bonanza driven by the globally popular boy band, the BTS concert ultimately drew about 100,000 people, well short of the 260,000 authorities had braced for. Tight crowd control measures on the concert day, such as nonstop subway operations, were cited as one reason the spending boost fell short of expectations.
"While overall spending fell because of broad safety controls on the concert day, the figures suggest such events effectively boost spending by foreign visitors and younger consumers," an industry official said.
jwc@heraldcorp.com
