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Source Market Insights; South Korea

  • May 2015
  • -
  • GlobalData
  • -
  • 19 pages

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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

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