Labour costs in South Korea's food and beverage service activities have witnessed varying trends over the past decade. From 2013 to 2016, the costs fluctuated with instances of both declines and growth. However, from 2017 onwards, there was a consistent upward trend, culminating in 2023 with a value of 27.959 trillion KRW. The year-on-year variations over the past two years indicate a steady growth of around 1.8%. The 5-year CAGR up to 2023 stood at 1.4%, highlighting moderate growth.
Looking ahead, forecasts suggest a continued increase, reaching 30.331 trillion KRW by 2028, with a forecasted 5-year CAGR of 1.29% and an overall growth rate of 6.6%. This indicates a stable but measured rise in labour costs in the sector.
Future trends to watch for include:
- Potential impacts of labor policy changes and wage inflation.
- Technological advancements and automation reducing labor demand.
- Economic fluctuations influencing service industry wages.
