Forecast: International Tourism Expenditures for Travel Items in South Korea

International tourism expenditures for travel items in South Korea saw significant ups and downs over the period analyzed. In 2023, the expenditures stood at $34.996 billion. Over the last two years, the year-on-year variation was 23.03% in 2022 and 13.67% in 2023, indicating a strong recovery post-pandemic. The 5-year CAGR from 2019 to 2023 was slightly negative at -0.078%, showing the profound impact COVID-19 had on the tourism industry, despite recent improvements. Forecasts suggest steady growth, with a 5-year CAGR of 1.55%, bringing the value to $38.583 billion by 2028.

Future trends to watch include:

• The evolving landscape of international travel post-pandemic, including changes in consumer behavior and preferences.
• The impact of digital and technological advancements on tourism experiences and expenditures.
• Geopolitical and economic factors influencing travel patterns and spending.
• Sustainability trends and their effects on travel decisions and policies.