Household expenditure on restaurants and hotels in South Korea demonstrated a growing trend from 2013 to 2019, with a significant decline in 2020 due to the COVID-19 pandemic. Despite a partial recovery in 2021 and a substantial spike in 2022, spending decreased by 7.12% year-on-year in 2023, standing at 98.343 trillion South Korean Wons. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 2.21%. Future forecasts predict a steady recovery and growth, with an average annual growth rate of 1.85% from 2024 to 2028, reaching 110.54 trillion South Korean Wons by 2028.
Future trends to watch for:
- Post-pandemic recovery dynamics and increasing dining-out activities.
- Inflationary pressures impacting consumer spending power.
- Changes in travel behaviors influencing hotel industry revenues.
- Potential impacts of economic policies and stimulus measures.
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