Although luxury hotels is expected to continue growing in the forecast period, its rate of increase is expected to slow dramatically after current value sales return to the pre-pandemic level in 2023. Non-luxury but premium-positioned local hotel chains are likely to hamper the growth of luxury hotels in the forecast period.
With the pandemic having less impact, restrictions on movement are therefore being eased globally, with international flights starting to ramp up. Although Incheon was the first to benefit from this movement, Jeju Island saw its first direct international flight for over two years in June 2022, from Singapore.
Luxury foodservice sales are currently negligible in South Korea. However, this category is likely to grow to have a meaningful market presence in the forecast period.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This is an aggregation of Luxury Hotels and Luxury Foodservice.See All of Our Definitions
This report originates from Passport, our Experiential Luxury research and analysis database.
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