Forecast: Employees in Accommodation and Food Services Sector in South Korea

The Employees in the Accommodation and Food Services Sector in South Korea experienced notable fluctuations over the past decade, peaking at 1.44 million in 2016 and dipping substantially to 1.23 million in 2021, primarily influenced by external factors such as the global pandemic. As of 2023, employment stood at 1.33 million persons. The sector showed a moderate recovery post-2022 with a year-on-year increase of 1.82% in 2023, contrasting the previous significant declines. The average annual variation (CAGR) over the last five years was -0.41%, reflecting an overall contraction during the period.

Looking forward, the sector is forecasted to stabilize at approximately 1.33 million employees through 2028, with no expected growth in the coming years. This points to a need for strategic interventions to stimulate employment within this sector.

Future trends to watch for:

• Technological advancements and automation replacing manual jobs.
• Changing consumer behavior and its impact on the demand for accommodation and food services.
• Government policies aimed at revitalizing the sector post-pandemic.
• Economic recovery and tourism trends affecting the sector’s employment levels.