Korea is fast becoming the number one tourist destination for Chinese visitors and with that their spending is also expected to make a huge increase over the next five years or so.
The Korea Tourism Organization and Hana Daetoo Securities estimate Chinese tourists will spend over 30 billion U.S. dollars in Korea in 2020 -- a nearly five-fold increase compared to last year.
They also say the number of Chinese tourists will increase by nearly 20 percent every year through 2020 to reach 15 million in that year.
Chinese money spent in duty-free shops, which takes up one of the largest portion in their spending, is expected to jump nine-fold during the 2013 to 2020 period to 9 billion dollars.
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