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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
South Korea has seen a steady growth in its Travel & Tourism market in recent years, driven by various factors that have shaped consumer preferences, market trends, and local special circumstances.
Customer preferences: Travelers in South Korea are increasingly seeking unique and experiential travel opportunities. They are drawn to destinations that offer cultural immersion, outdoor activities, and culinary experiences. Additionally, there is a growing interest in sustainable and eco-friendly travel options among South Korean tourists. These preferences have led to a rise in demand for personalized and authentic travel experiences, driving the development of niche tourism offerings in the country.
Trends in the market: One prominent trend in the South Korean Travel & Tourism market is the popularity of domestic travel. With the rise of the "staycation" trend and a greater emphasis on exploring local destinations, more South Koreans are opting to travel within their own country. This trend has been further accelerated by government initiatives to promote domestic tourism and support local businesses in the wake of global uncertainties. As a result, there has been a notable increase in investments in infrastructure and tourism development within South Korea.
Local special circumstances: South Korea's unique geographical position as a peninsula surrounded by water has influenced its tourism landscape. The country boasts a diverse range of attractions, from bustling cities like Seoul to serene natural landscapes like Jeju Island. This diversity allows South Korea to cater to a wide range of traveler interests, making it a versatile destination for both domestic and international tourists. Additionally, South Korea's rich cultural heritage, including its traditional cuisine, historical sites, and festivals, adds to the allure of the country as a tourism destination.
Underlying macroeconomic factors: The South Korean Travel & Tourism market is also influenced by macroeconomic factors such as exchange rates, government policies, and global economic conditions. Fluctuations in currency exchange rates can impact the affordability of travel for South Koreans, influencing their travel decisions. Government policies that promote tourism, such as visa facilitation measures and infrastructure development projects, play a crucial role in shaping the growth of the industry. Moreover, global economic trends and geopolitical events can affect consumer confidence and travel behavior in South Korea, highlighting the interconnected nature of the country's tourism market with the broader global landscape.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)