South Korea Tourism Report Q2 2016
BMI View: South Korea's tourism market will continue to grow healthily in the next five years, despiteinitial fears that the MERS outbreak of May 2015 may damage it. The government is promoting effectively atourism market that caters well for both leisure holidays and business travellers (MICE) in search fortourist attractions in between conferences. Along with the approaching 2018 Winter Olympics, these shouldcreate significant opportunities for the development of the hotel sector, which remains under-developed tothis day. Meanwhile, the increase in the number of tourist arrivals, especially from the Asia Pacific, willcontinue to drive up international tourism receipts value.
Key Updates And Forecasts
International, low-cost air connections continue to expand, with the launch of the following additionalroutes: Eastar Jet to Japan, T'way air to Macau, Jeju Air to Vietnam and Jin Air to Honolulu.
Overall, tourism market is expected to expand rapidly over the forecast period, with total arrivals set toreach over 17.6mn by 2019.
The healthy increase in tourist arrivals will continue to drive up international tourism receipts value, at anaverage rate of 7.8% per year, reaching USD36.9bn by 2019.
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