The number of employees in travel services in South Korea has shown a slight overall decrease from 2013 to 2023. Employee numbers peaked in 2015 at 51.8 thousand persons before experiencing a gradual decline. In 2023, the figure stood at 48.3 thousand persons, representing a year-on-year decrease of 0.41%. The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) was slightly positive at 0.041%, but the overall trend from 2013 shows a more considerable fluctuation and gradual downward shift.
Looking into the future, the forecasted data from 2024 to 2028 suggests a continual slight decline in employment numbers in the travel services sector. The employee count is projected to decrease to 47.6 thousand persons by 2028 with a forecasted 5-year CAGR of -0.25% and an overall 5-year growth rate of -1.24%.
Future trends to watch for include:
- The impact of technological advancements and automation on the travel services sector workforce.
- Recovery patterns from the post-pandemic period and how changes in travel behavior might influence employment.
- Government policies and economic factors that may either mitigate or exacerbate the declining trend in employment figures.