Forecast: Hospitality Employment in South Korea

From 2013 to 2023, the hospitality employment sector in South Korea showed significant fluctuations. After an initial steady growth, employment peaked in 2016 at 73.63 thousand employees, followed by a slight decline in 2017 and 2018. The sector was considerably impacted in 2020 due to external shocks, causing a dramatic reduction to 49.93 thousand employees. However, from 2021 onwards, the industry saw a robust rebound, culminating in 82.37 thousand employees by 2023, signifying an 8.58% increase year-on-year.

The forecast for the next five years, starting from 2024, indicates a continued upward trend with an average annual growth rate (CAGR) of 1.58%, reaching 91.01 thousand employees by 2028. The expected growth rate over the forecast period stands at 8.18%.

Future Trends to Watch:

• Adoption of technology and automation in the hospitality sector could improve efficiency and affect employment numbers.
• Potential changes in international travel policies and consumer behaviors post-pandemic.
• Emergence of new hospitality concepts, including eco-friendly and health-focused accommodations, could drive employment.
• Government policies and economic conditions impacting the sector's growth trajectory.