South Korea Source Tourism Insight by Domestic and Outbound Tourism, Key Destinations and Tourist Profiles, 2024 Update

South Korea Source Tourism Report Overview

The total outbound trips from South Korea during 2023 reached 23.17 million, which was still around 80% of 2019 numbers. This trend is largely attributed to the reopening of the borders and relaxation of travel measures. International travel recovery from South Korea has been stable and is expected to grow, with numbers indicating that it will surpass pre-pandemic levels by the end of 2024. The South Korean tourism market is going to rely heavily on leisure travel to be the driver of its recovery. Sun and beach destinations are forecasted to be the most popular choices for travelers. The projected recovery in tourism is expected to contribute positively to the economic growth of South Korea in 2024.

The South Korea source tourism market research report provides an in-depth analysis of source markets and infrastructure developments. The report also offers an in-depth understanding of South Korea’s source tourism market highlighting possible opportunities and threats. Furthermore, a detailed evaluation of the types of travelers will help clients understand the demand side’s propensity.

South Korea Source Tourism Market Segmentation

Domestic Tourism led the South Korea source tourism market by trip volumes in 2023

Domestic travel is more popular in South Korea than international travel. The level of domestic travel is projected to surpass pre-pandemic levels by 2024. Gastronomy and cultural holidays along with short city breaks are projected to improve recovery in the tourism sector. Increased interest in eco holidays will also contribute to the growth. Most outbound flows from South Korea were to other neighboring APAC nations. Additionally, domestic tourist expenditure was mostly driven by the food service and transportation sectors.

On the other hand, the demand for outbound travel indicates a steady growth pattern. , GlobalData forecasts international departures to exceed the pre-pandemic levels by 2024.  With the borders opened up and countries relaxing requirements entry requirements post-pandemic, South Korean citizens find it easy and accessible to travel to 193 countries visa-free. Moreover, multiple air routes have been revived again among nations, thereby dramatically increasing travel accessibility.

South Korea Source Tourism Market Analysis by Trips, 2023 (%)

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South Korea Source Tourism Market Segmentation by Types

VFR was the most preferred holiday type for South Korean travelers in 2021

Sun and beach, visiting friends or family (VFR), city break, culture, and adventure/sport are a few of the common tourism types in the South Korean tourism market. The sun and beach holiday type held the highest market share among the tourism types in 2021.

Though not primarily known as a beach destination, South Korea offers a variety of beaches and resorts in its coastal towns. The most popular beach in Busan is Haeundae Beach which boasts white sand, a shallow bay, and clear waters. This makes it ideal for leisure activities such as swimming and sunbathing.

South Korea Source Tourism Market Analysis by Types, 2021 (%)

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South Korea Source Tourism - Opportunities and Challenges

The South Korean source market demonstrates a diverse interest in their preferred holiday types, with significant opportunities to attract them to different destinations. According to GlobalData’s Q3 2021 Consumer Survey, the most popular holiday type for South Korean tourists is sun and beach. Gastronomical and city-break holidays are the other most popular types. There is also a substantial popularity of eco trips. Many of the neighboring Asian destination markets are relying on food as a unique factor and marketing themselves as a hub of gastronomical experience ranging from Michelin-star restaurants to local food markets. This wide range helps them in attracting both affluent as well as budget travelers. Thus, there is a huge potential for this type of travel, which the countries can and should try to harness.

However, geopolitical instability and security concerns remain a major threat to outbound tourism creating a sense of uncertainty and insecurity among travelers. Such uncertainties lead to travel advisories, embargoes, and cancellations of planned trips, impacting the willingness of South Korean travelers to venture outbound to the affected regions.

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Scope

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 outbound travel market.

Key Highlights

According to the GlobalData’s Q3 2021 consumer survey, gastronomical holidays are one of the most preferred types of holiday for South Korean travelers with 44% of people stating that they would prefer to take gastronomical holidays. This is significantly higher than the global average of 26%. 39% of South Korean respondents are also influenced by popular destinations for food and drinks when deciding on a holiday destination, higher than the global average of 33%.

Transportation and retail have consistently been the top sectors of spending for South Korean travelers abroad. They comprised 36.9% and 21.6% respectively of the total outbound tourism expenditure in 2023.

China is slowly re-developing as a prominent destination market for South Korean travelers. The number of South Korean travelers departing for China increased to 424 thousand in 2023 and is forecast to grow further with a CAGR of 34.09% for 2023-2028, highlighting the growing interest in the destination.

According to GlobalData’s Traveler Spending Patterns database, outbound expenditure reached a high of $38 billion in 2018, following steady growth from $24.5 billion in 2013 (CAGR 2013-18: 9.18%). This outbound tourism industry expenditure experienced a notable fall in 2020 and 2021 to reach an all- time low of $2 billion in 2021 due to the COVID-19 pandemic. The overall outbound spending for 2023 reached $22.8 billion showing a movement in the positive direction.

Reasons to Buy

This report provides:

• Get detailed insights into developments in South Korea’s regional and outbound tourism markets.
• Get in-depth analysis of trends related to domestic trips, international departures, traveler spending, and main destination markets with data.
• Understand the profiles of South Korea tourists and the reasons for their travel, hence, providing an insight into the trends in different segments of the market.
• Interpret opportunities in the country, as well as the risks, to support better business decisions
• Gauge the impact of COVID-19 on South Korea’s outbound and domestic tourism.