GlobalData's South Korea Source Tourism Insight Report provides a thorough insight into South Korea's domestic and outbound tourism market. The report looks at the profiles of South Korean tourists and summarizes the key reasons that they travel. The report offers an in-depth analysis of traveler flows, spending patterns, main destination markets and current and future opportunities for tourism businesses seeking to tap into the South Korean outbound travel market.
- Prior to COVID-19, South Korean outbound tourism had grown to become the third largest source market in the APAC region in 2019, when measured by trips. In 2019, the number of international departures reached 28.7 million, more tripling the number of trips from a decade earlier in 2009 at 9.5 million (CAGR 2016-19: 8.7%).
- The rapid growth in outbound tourism from South Korea had been spurred by travelers increasingly choosing to venture father afield thanks to more flexibility in international travel requirements and visas, increasing interest in exploring new destinations, greater air connectivity, rising incomes and government initiatives that have allowed South Koreans to have more free time.
- Going forward, outbound travel is set to reach 30.3 million trips by 2025 to exceeding pre-pandemic levels by 2024, according to GlobalData forecasts (CAGR 2022-25: 7.3%). The APAC region has continually received the most visitation from South Korean travelers, accounting for 84.7% of total outbound trips in 2021 (CAGR 2016-19: -0.4%).
- In 2019, total outbound expenditure reached $35 billion, following rapid growth from just $13.9 billion a decade earlier in 2009 (CAGR 2016-19: 6.8%). As COVID-19 limited international travel, total outbound tourism expenditure declined 81.6% YoY to $6.4 billion in 2020. Nevertheless, total outbound expenditure is projected to reach $33.3 billion by 2025, according to GlobalData forecasts.
- While the average expenditure per trip is expected to slightly decline from $1,105.3 in 2021 to $1,099.7 in 2025, total outbound expenditure is expected to grow at a CAGR of 8.2% between 2022 and 2025 with outbound trips expected to exceed pre-pandemic levels at 30.3 million trips by 2025, which will increase total outbound expenditures.
- Of the projected 134.8 million domestic trips taken in 2021, 43.9% were taken for leisure purposes, representing 59.1 million domestic leisure trips, according to GlobalData forecasts. Domestic leisure trips have continuously grown in popularity, achieving a CAGR of 16.3% between 2016 and 2019, reaching 72.5 million domestic leisure trips in 2019.
- Aligned with global travel trends, 45% of South Korean tourists typically take a sun and beach holiday, according to GlobalData's Q3 2021 Consumer Survey. This falls slightly below the global average of 57%, nevertheless, it demonstrates the popularity of sun and beach holidays for South Korean travelers.
- 44% of South Korean respondents reported that they typically take a gastronomical holiday, far exceeding the global average of 26%. Concurrently, 39% of South Korean respondents are influenced by popular destinations for food and drinks when deciding on a holiday destination.
- This report is part of GlobalData's Source Market Insights Series. This report provides an in-depth analysis of traveler flows, spending patterns, main destination markets, as well as current and future opportunities for tourism businesses seeking to tap into the South Korean outbound travel market.
Reasons to Buy
- This report provides clear insight into developments in South Korea's domestic and outbound tourism markets.
- The report uses data and analysis to discuss future trends related to domestic trips, international departures, traveler spending, and main destination markets.
- The report explores the different profiles of South Korean tourists and the reasons that they travel, hence providing an insight into the trends in different segments of the market.
- The reader gains a strong understanding of the opportunities in the country, as well as the risks, to support better business decisions
- This report examines the impact of COVID-19 on South Korea's outbound and domestic tourism.