TAIPEI (Taiwan News) — The National Credit Card Center announced Monday that Taiwanese consumers spent NT$231.4 billion (US$7.5 billion) on overseas credit card transactions last year.

The figure set a record, up 31.3% from the previous year. Of the top 10 destinations for Taiwanese cardholders, Japan and South Korea accounted for 55.3% of spending, with Japan leading at 41.57% and South Korea second at 13.73%, per CNA.

The center said the weaker yen and easy tax refunds boosted spending in Japan, particularly at department stores and on retail and fashion items. In South Korea, spending focused on health and beauty products, driving a "beauty tourism" trend.

The center said that Macau had the highest average transaction amount, at about NT$17,800, likely due to gambling. The UK saw the highest average spending and number of transactions per card, with 20.56 transactions totaling NT$92,900, likely driven by spending by Taiwanese students there.

Female cardholders made up 57% of total overseas credit card spending. However, men had higher average transaction amounts and annual spending per card.

The largest group of cardholders, at 26.6%, were between the ages of 40 and 50, followed by those in their 30s. Cardholders in their 30s and 40s were the largest demographic, while those under 30 accounted for nearly 20% of spending, ranking third.

With increased overseas travel following the pandemic, cross-border payments by Taiwanese have grown significantly, the center said. Overseas credit card spending has risen yearly since 2022.

The center added that Taiwan's total cross-border credit card spending reached NT$602.3 billion last year, up 30.9% from 2023. Online transactions accounted for 61.6%, while in-person transactions were 38.4%.