The number of outbound departures from South Korea is set to continue to rise in 2024, drawing closer to the pre-pandemic level. One factor driving growth is that the travel payments landscape for South Korean outbound travellers has experienced significant growth in recent years, driven by increasing competition amongst fintechs and financial institutions.
In 2024, airlines in South Korea is undergoing significant changes, driven by Korean Air’s merger with Asiana Airlines, and the expansion of low-cost carriers (LCCs) to new routes in Japan and Southeast Asia.
Hotels in South Korea is experiencing significant changes, as inbound tourism diversifies and short-term rental rules for domestic travellers are eased. Previously focused on group tourism in major destinations such as Seoul and Jeju, hotels are now shifting to accommodate individual travellers, driven by the lifting of travel bans and pandemic restrictions.
Online travel agencies (OTAs) in Korea is evolving rapidly, as major platforms enter the space. OTAs are expanding their services to offer not only travel reservations, but also accommodation and payment services online.
The travel landscape in South Korea is evolving rapidly, driven by new visa systems, expansion in key markets, and advances in technology. The government is introducing new visa programmes to attract international visitors, focusing on longer stays and higher spending.
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
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