The number of employees in the Accommodation and Food Services sector in South Korea stood at 1.47 million persons in 2023. Over the period from 2013 to 2023, the sector experienced a mix of growth and contraction. From 2013 to 2016, there was steady growth, peaking in 2016. However, 2017 and 2018 saw a decline before stabilizing and modestly growing again from 2019 onwards. The year-on-year variation indicates moderate growth, with a CAGR of 1.51% over the last five years. The projections from 2024 to 2028 suggest a continued steady increase, with a forecasted 5-year CAGR of 0.77%.
Future trends to watch for include the impact of technological advancements in service delivery, shifts in consumer preferences due to changing lifestyles, and the potential effects of external factors such as economic conditions and regulatory changes. Additionally, monitoring the recovery and adaptation post-pandemic will be crucial in understanding long-term employment trends in this sector.