In South Korea, the number of tourist accommodation nights stood at 446.98 million in 2023. This represents steady growth over the past decade, marked by occasional fluctuations. From 2021 to 2023, the year-on-year variations were a modest 2.96%, 2.82%, and 2.69% respectively, while the five-year Compound Annual Growth Rate (CAGR) was 1.79%.
Looking forward from 2024, projected growth remains positive but modest, with a five-year forecasted CAGR of 1.83% and an overall growth rate of 9.51% anticipated by 2028.
Key future trends to watch for include potential impacts of global travel trends, domestic tourism policies, and economic factors influencing travel behavior in South Korea. The ongoing development of infrastructure to support tourism and marketing strategies will be crucial to sustaining growth.
