In 2022, the gradual removal of pandemic-related restrictions in South Korea led to a significant surge in outbound travel demand. This trend continues in 2023.
With the removal of travel restrictions for cross-border international travel in South Korea, demand for travel in general has significantly increased. Additionally, the reopening of markets in closer proximity to South Korea, including Japan, countries in Southeast Asia, and China, have supported the surge in interest.
Already emerging prior to the pandemic but gaining momentum as a result of limited mobility outside of the country, the concept of staycations or "Hocance" remains a key area on which to focus for hotel operators. As a result, even with high inflation and decreased domestic tourism as international travel rebounds, luxury hotels remain popular among consumers wanting to take short breaks away from home.
With the easing of travel restrictions in 2022 and the removal of mandatory mask-wearing in 2023, travel demand in South Korea surged. Therefore, both online and offline bookings in current value sales terms experienced double-digit growth in 2022 compared to the previous year, a trend that continues in 2023.
As countries close to South Korea's border have reopened to become more widely accessible for international cross-border travellers in 2023, the demand for international travel continues to increase. As a result, this high demand is likely to further positively impact many areas of the industry, including the number of passengers travelling by air and the rise in consumers booking via travel intermediaries in the country.
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Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.See All of Our Definitions
This report originates from Passport, our Travel research and analysis database.
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