Forecast: Tourism International Receipts in South Korea

As of 2023, international tourism receipts in South Korea stood at 23.94 billion USD, with a noticeable recovery following the steep decline in 2020 caused by the COVID-19 pandemic. The period from 2013 to 2023 showed considerable fluctuation, with annual growth rates varying widely. Notable trends include a sharp drop of 53.74% in 2020 followed by a strong rebound of 40.55% in 2021 and continued growth leading to a 15.18% increase in 2023. The 5-year CAGR leading up to 2023 was 0.72%. Looking forward, the 5-year CAGR from 2024 to 2028 is forecasted to be 1.97%, indicating moderate but steady growth.

Future trends to watch for in South Korea's tourism industry include:

• Recovery and growth post-COVID-19, as travel restrictions ease and international tourism rebounds.
• Increasing influence of digital marketing and social media in attracting tourists.
• Focus on sustainable and eco-friendly tourism practices to attract environmentally conscious travelers.
• Development of niche tourism markets such as wellness and medical tourism.