South Korean households have spent more than eight trillion won overseas in the third quarter of this year.

According to the Bank of Korea on Tuesday, the amount of money spent overseas by South Korean households amounted to eight-trillion-214-point-nine billion won in the July-September period, up 16-point-eight percent from the same quarter last year.

It also marks a 23-point-four percent on quarter rise.

It is the first time locals’ quarterly overseas spending has surpassed the eight trillion won mark. The previous record was 734-point-six billion won in the third quarter of last year.

The latest figure includes money spent for purchasing goods, services and even school tuition fees abroad. Foreign goods and service bought via the Internet or business trip expenses are not taken into account.

The sharp increase in overseas spending is mostly attributed to an increase in overseas traveling. According to the Korea Culture and Tourism Institute, around six-point-05 million people departed South Korea in the third quarter, up 19-point-four percent from the quarter before.