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Source Market Insights; South Korea

Source Market Insights; South Korea

Summary

Source Market Insights: South Korea provides an overview of the South Korean outbound market, analyzing market data and providing insights. This report provides a better understanding of the number of Korean tourists going abroad, their spending habits, and the main destination markets

Key Findings

South Korea is one of the world's wealthiest nations with a world ranking of thirteenth for nominal GDP and by purchasing power parity. With GDP per capita expanding rapidly at 9% CAGR during the last six years, the country is set to become a major outbound tourism market. Reflecting this rising economy, gross household adjusted disposable income per capita is projected to increase from US$20,835 in 2014 to US$25,402 in 2019. With such a strong rise in disposable income and a low unemployment rate (3.13% in 2015), Canadean forecasts that outbound spending will grow, finally reaching US$35.7 billion by 2019

This increasing economic growth will harness a move from short-haul destinations towards long-haul travel instead. In the last few years it has gained momentum and grew by more than 85% during the period 2003–2013. Of these long haul destinations, the US, Canada, and Mexico ranks among the top-10 destinations, predominantly for leisure purposes

Beyond increasing incomes, the share of Low Cost Carriers (LCCs) has expanded greatly to more than double over the last six years (21.6% in 2014 against 9.9% in 2009) in terms of passengers carried. The top-five LCCs offer domestic and international flights. Together they represented 15.5% market share for international services. With this LCC penetration, long-distance routes will expand and help growth in the South Korean market

Synopsis

The report provides detailed market analysis, information, and insights, including:

Historic and forecast tourist volumes covering the entire South Korean outbound tourism sector

Detailed analysis of the mode of transport preferred for outbound trips

Detailed analysis of the market trends in the Korean outbound tourism sector

Reasons To Buy

Make strategic business decisions using historic and forecast market data related to the South Korean outbound tourism sector Understand the key market trends and growth opportunities in the Korean outbound tourism sector, along with key trends and growth opportunities


Snapshot
Outbound Trips by Purpose
Outbound Spending
Mode of Transport
Main Destination Markets
Destination Focus; Japan
Destination Focus; US
Visa Policies
Market Data

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