Both inbound and domestic trips registered healthy growth during the historic period. However, the outbreak of a deadly virus called Middle East Respiratory Syndrome (MERS) during mid 2015; is expected to show a decline in the number of inbound tourists. In order to attract foreign tourists back to the country, Korea Tourism Organization (KTO) launched its 100-day Tourism Recovery Plan in 2015 through which they can promote the country's tourism locations, cuisine and other tourism offerings. To promote domestic tourism, in 2014, the President announced measures such as domestic tourism week and alternative holiday systems at the workplaces. Moreover, outbound trips increased in 2014 following the South Korean Won currency appreciation against the Japanese yen and other foreign currencies such as the euro.
- South Korea's travel and tourism sector performed well during the historic period (2009-2014), supported by a rise in both domestic and inbound trips. Moreover, international arrivals increased at a CAGR of 12.78%, while inbound tourist expenditure increased at a historic period CAGR of 8.48%. Korean pop culture, easy visa policies and the improved transport capacity of airlines were a few major factors that can be attributed for the growth of inbound tourism.
- The outbound trips increased in 2014 due to the appreciation of the South Korean Won against the Japanese yen and other foreign currencies such as the euro. However, due to an outbreak of a deadly virus called Middle East Respiratory Syndrome (MERS) during mid 2015, inbound tourism is expected to be adversely affected.
- By 2017, South Korea aims to attract almost 350,000 Russian medical tourists each year. Following the visa-free agreement between both the countries in 2014, South Korea has become easily approachable for the Russians as travelers are allowed to visit in either direction for up to 60 days without a visa. Moreover, in March 2015, an exhibition was held in Sibexpocentre Exhibition Complex in Irkutsk (Russia), demonstrating South Korea's latest achievements aiming to establish business partnership in the field of medicine and medical tourism with Russia, and providing information about traveling in South Korea. Leading Korean medical facilities, tour operators and other organizations working in the field of medical tourism were main part of this exhibition.
- Several hotel chains are expanding in South Korea, for example, Starwood Hotels and Resorts Worldwide has partnered with Parnas Hotel to launch its first Luxury Collection brand in Seoul in 2016. Wyndham Hotel Group is also set to expand its presence in South Korea with 26 new construction hotels, expected to be completed by 2018. Moreover, by November 2015, Best Western (BW) is planning to develop its first urban boutique hotel concept Vib in Seoul.
Canadean's report - Travel and Tourism in South Korea to 2019 provides detailed information on the South Korean tourism sector, analyzing market data and providing insights. This report provides a better understanding of tourism flows, expenditure, and the airline, hotel, car rental, and travel intermediaries industries.
What else does this report offer?
- Historic and forecast tourist volumes covering the entire South Korean Travel andTourism sector
- Detailed analysis of tourist spending patterns in South Korea for various categories, such as accommodation, sightseeing entertainment, foodservice, transportation, retail, travel intermediaries, and others
- Analysis of trips by purpose and mode of transport, and expenditure across various categories including domestic, inbound and outbound tourism, with analysis using similar metrics
- Analysis of the airline, hotel, car rental, and travel intermediaries industries by customer type - leisure and business travelers
- Make strategic business decisions using historic and forecast market data related to the South Korean Travel and Tourism sector
- Understand the demand-side dynamics within the industry to identify key market trends and growth opportunities
- Direct the promotional efforts on most promising markets by identifying the key source and destination countries