The South Korea tourism market is estimated at US$ 32.7 million in 2022 and is projected to reach US$ 40 million by 2032, at a CAGR of 8.3% from 2022 to 2032.
A major portion of the economies of many nations across the world is based on tourism. The younger generation has had a significant role in the changes that have occurred in tourism as a result of the increased knowledge of how humans affect the environment.
The newly popular work and travel trend, which often combines aspects of business and relaxation, has gained popularity among South Korea tourists. Working while traveling is anticipated to have become more popular as a result of the COVID-19 pandemic, which mostly helps domestic locations like Seoul, Busan, and Jeju.
The major factor that is helping boost back the South Korea tourism market is the entertainment field. As was already established, one important supporter of South Korea’s tourism is the Korean “Hallyu.” The “Hallyu” that has taken up the globe is Korea’s culture, music, and movies that are introduced via K-pop and K-drama.
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Furthermore, the closing of public places and tourism activities as a result of the pandemic resulted in the market’s complete collapse during the crisis, border closures, airport closures, and hotel closures, as well as restrictions on large gatherings, land travel, and related services.
South Korea faced a damaging loss of 84,000 Travel & Tourism jobs across the country when flights shut down and tourists were reduced.
Key Takeaways:
- The South Korea tourism market is expected to have a CAGR of 8.3%, with the US$ 40 million by 2032.
- Based on tourist type, the domestic tourist segment remains high in the South Korea tourism market over the forecast period.
- The key factor that enhances the South Korea tourism market is the entertainment field.
- The “Hallyu” is the major pillar that holds the South Korea tourism market.
- The online booking segment is estimated to hold a major share in the South Korea tourism market. Travelers prefer online booking as it is feasible, and even get more offers and discounts in online booking.
- In terms of tour type, the package travelers are estimated to account for the relatively highest value share in the South Korea tourism market.
- Middle-aged people that are in the 35 – 49 age group segment are likely to continue to hold the highest share in traveling in the forecast.
How Key Players are Contributing to the South Korea Tourism Market?
Leading companies in South Korea tourism are focused on promotional strategies, advertising popular tourist destinations in South Korea, and new offers with a variety of packages that attract consumers that have driven the demand for tourism in South Korea.
Major players present in the Philippines sustainable tourism market are G Adventures, The Dragon Trip, Intrepid Travel, On the Go Tours, MW Tours, Exodus Travels, Madventure, Travel Marvel, TNT Korea Travel, Korea Private Tours, Uri Tours, Thomas Cook, and Koryo Tours.
Recent Developments:
- South Korea travel tech start-upYanolja has acquired a 70% stake in a listed South Korea e-commerce pioneer, Interpark, for about $250 million. The company intends to use the acquisition to explore the international travel market more deeply.
- “Feel the Rhythm of Korea,” a collection of eight videos that highlight the traditional and contemporary aspects of ten different Korean tourist destinations, has amassed 161 million views on Youtube and is still growing. This may make it the most successful single global tourism recovery campaign to be launched since the pandemic.
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South Korea Tourism Market by Category
By Tourism Type:
- Sustainable
- Medical
- Sports
- Cultural
- Culinary
- Faith
- Wellness
- Others
By Booking Channel
- Phone Booking
- Online Booking
- In-Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveler
- Tour Group
- Package Traveler
Consumer Orientation:
- Men
- Women
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
By Region:
- EA (East Asia)
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