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The Future of Travel and Tourism in South Korea to 2016

239 Pages Timetric November 27, 2012 SKU: TMTR4922871

Synopsis

The report provides detailed market analysis, information and insights, including:
  • Historic and forecast tourist volumes covering the entire South Korean travel and tourism sector
  • Detailed analysis of tourist spending patterns in South Korea
  • The total, direct and indirect tourism output generated by each sector within the South Korean travel and tourism sector
  • Employment and salary trends for various categories in the South Korean travel and tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries and others
  • Detailed market classification across each industry with analysis using similar metrics
  • Detailed analysis of the airline, car rental, hospitality and travel intermediaries markets
Summary

Travel and tourism in the Republic of Korea (South Korea) contributed 5.1% to the national GDP and 5.4% of the country’s total employment in 2011. In terms of inbound tourism, 2011 proved to be a spectacular year with 9.8 million travelers visiting the country, 11% more than in 2010. However, outbound tourism growth still continues to outstrip inbound tourism growth, as the number of South Koreans travelling abroad grew by 1.7% to 12.7 million in 2011. The resulting imbalance prompted the government to take steps to boost inbound tourism. While the economic development achieved in the last 50 years has catapulted the country into the ranks of the wealthy nations, South Korea’s tourism sector has remained largely neglected. The government has rolled out an extensive campaign to promote South Korea as a tourist destination and is aiming to attract 20 million visitors by 2020. South Korea’s relatively low profile is expected to fuel inbound tourism, as tourists visiting Hong Kong, Malaysia, Thailand and Indonesia increasingly look to South Korea as a previously unexplored destination.

Scope

This report provides an extensive analysis related to tourism demands and flows in South Korea:
  • It details historic values for the South Korean tourism sector for 2007–2011 along with forecast figures for 2012–2016
  • It provides a comprehensive analysis of travel and tourism demand factors with values for both the 2007–2011 review period and the 2012–2016 forecast period
  • The report makes a detailed analysis and projection of domestic, inbound and outbound tourist flows in South Korea
  • It provides employment and salary trends for various categories of the travel and tourism sector
  • It provides a comprehensive analysis of the airline, car rental, hospitality and travel intermediaries markets with values for both the 2007–2011 review period and the 2012–2016 forecast period
  • Reasons To Buy
    • Take 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 South Korea travel and tourism sector, along with key market trends and growth opportunities
    • Identify the spending patterns of domestic, inbound and outbound tourists by individual categories
    • Analyze key employment and compensation data related to the travel and tourism sector in South Korea
    • Understand the size of other tourism sub-sectors such as airlines, hotels, car rental and travel intermediaries
    Key Highlights
    • Travel and tourism in the Republic of Korea (South Korea) contributed 5.1% to the national GDP and 5.4% of the country’s total employment in 2011. In terms of inbound tourism, 2011 proved to be a spectacular year with 9.8 million travelers visiting the country, 11% more than in 2010.
    • Despite a slowdown in outbound tourism, South Koreans continue to travel abroad extensively. However, growth in outbound travel from South Korea almost came to a halt in 2011, growing by just 1.6% to 12.69 million after the 31.5% growth registered in 2010.
    • Total inbound tourist expenditure recovered to grow by 13.7%, from KRW11.93 trillion (US$10.74 billion) in 2010 to KRW13.56 trillion (US$12.21 billion) in 2011. The largest number of tourists came from the Asia-Pacific region, with Japan and China being the main source countries. The hosting of key events such as the 2010 G20 Summit and a Formula One Grand Prix in 2011 boosted the number of international visitors.
    • The government has ramped up its efforts in the last decade to promote tourism. Efforts included a five-year plan, “Tourism Vision 21”, launched in 1999, which continues to act as the key framework for tourism policy in South Korea.
    • South Korea’s airline market has shown remarkable growth in recent years. Korean Air is the nation’s largest carrier, while Asiana Airlines is the other major carrier in the country.
    • Total revenue in the air transport market increased from KRW10.72 trillion in 2007 to KRW16.36 trillion in 2011, at a CAGR of 11.15%. Low-cost airlines recorded the largest CAGR of 91.20% during the review period.
    • The South Korean government is devising diverse measures to support the country’s hotel industry, including the deregulation of hotel construction. The central government’s policy to promote construction of tourist hotels offers new incentives to owners and developers.
    • The value of the car rental market increased from KRW2.3 trillion in 2007 to KRW2.7 trillion in 2011, primarily driven by business travelers.
    • The South Korean travel intermediaries market is complex and in a constant a state of flux. Due to a large number of distribution channels, travelers tend to use a combination of both online and in-store options to book trips, making the task of identifying the transaction source difficult.
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    The Future of Travel and Tourism in South Korea to 2016

    Timetric
    November 27, 2012

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