The output of travel services in South Korea saw a steady rise from 2015 to 2018, with significant growth of 19.44% in 2018. However, 2019 experienced a slight decline of 3.32%, followed by a sharp drop of 42.86% in 2020 due to the COVID-19 pandemic. The industry quickly rebounded with a 63.87% increase in 2021 and continued to grow by 13.21% in 2022 and 1.82% in 2023. In 2023, the value stood at 6.758 trillion South Korean Wons.
Looking ahead, the output of travel services is forecasted to grow steadily, with a CAGR of 1.43% over the next five years, reaching 7.3496 trillion in 2028, reflecting a total growth rate of 7.38%.
Future trends to watch for include the impact of technological advancements in travel, evolving consumer preferences towards more sustainable travel options, and the potential volatility caused by global economic conditions and geopolitical events.
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