Tourexpi
According to the latest data, the sector's
contribution to the national economy is expected to reach a record ₩96.2TN this
year, representing a 13.6% year-on-year increase.
This contribution underscores the sector's crucial
role, accounting for 4.3% of the nation's economy.
Employment within Travel & Tourism is also
forecasted to surpass previous records, with total job of numbers anticipated
to surpass to 1.4MN in 2024, highlighting the sector's vital role in job
creation and economic stability.
Visitor spending is also projected to witness
substantial growth this year, with international visitor spend expected to
reach 2019 levels to nearly ₩31.9TN, up 31.2% from last year.
Domestic visitor spending is also set to rise,
achieving nearly ₩35.5TN, reflecting a 7.2% increase from 2019 levels and a 3%
growth compared to 2023.
Julia Simpson, WTTC President & CEO, said: “The
impressive growth of South Korea's Travel & Tourism sector underscores the
government's outstanding commitment to prioritising tourism as a key driver of
economic development.
“This dedication not only boosts economic growth
but also enhances South Korea's profile as a premier destination for travellers
worldwide.”
Looking back on 2023
Last year, South Korea's Travel & Tourism
sector experienced a resurgence, growing 18.2% to reach ₩84.71TN, representing
3.8% of the country's total economic output.
This growth was a significant rebound, although it
remained 6.3% below 2019 levels.
The sector also contributed to the creation of
76.6k new jobs, bringing total employment to 1.34MN, reflecting a year-on-year
increase of 6.1%.
International and domestic spending also saw
notable increases, with international visitor spending reaching ₩24.3TN and
domestic spending climbing to ₩34.45TN.
Outlook for the next decade
Looking ahead, the WTTC forecasts that by 2034,
South Korea's Travel & Tourism sector will significantly boost its annual
GDP contribution to ₩130.9TN, accounting for nearly 5% of the national
economy.
Employment in the sector is expected to exceed
1.8MN jobs, underscoring its role as a cornerstone of the national workforce
and supporting 6.8% of all jobs in the country.
Across Northeast Asia
Travel & Tourism in Northeast Asia is expected
to grow by more than 29% this year to reach a record-breaking USD 2.3TN, whilst
jobs could reach more than 89.5MN, just behind 2019 levels.
International spending is expected to reach more
than USD 250BN this year, while domestic visitor spending is set to reach an
all-time high of USD 1.2TN, surpassing the pre-pandemic level by almost 10%.
See all the data in our South
Korea Travel & Tourism Economic Impact Report on the WTTC
Research Hub.
For more information, please visit wttc.org
Image
Credit: © AA
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