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Showing posts from June, 2023

[Yanolja Research Insights] Vol.4 What Lies Ahead for the Future of Workcation?

 As remote work gains traction, "workation," the blend of work and vacation, has become a growing trend. This shift is largely influenced by the COVID-19 pandemic and the rise of hybrid work models. Here's a breakdown of what’s ahead for workation and the factors driving its popularity: Beyond Work-Life Balance: A Shift to Work-Life Integration & Blending Work-life balance, which emphasizes a strict separation between work and personal life, is being replaced by work-life integration and work-life blending , allowing a more fluid combination of the two. This shift has accelerated post-pandemic, with remote work giving individuals more control over their time and location. Are All Workation Programs the Same? Workation programs vary based on participants (individuals or groups) and the driving force (government or corporations). Corporations run workation programs for employee benefits, while governments implement them to boost local economies, especially in...

[Yanolja Research Insights] Vol.3 Current Status of the Seoul Airbnb Market

  ✨Airbnb Market Trends in Seoul(As of April, 2023) Airbnb hotspots are centered around tourist and commercial areas. Mapo-gu had the highest number of listings and OCC, while Jongno-gu had the highest RevPAR. Airbnb rooms account for 18.7% of Seoul's lodging market in 2022. 📈Post-Pandemic Recovery Number of Bookings: 987,082 (2019) → 404,320 (2021) → 589,993 (2022) Transaction Volume: 237.3 billion KRW (2019) ➔ 78.9 billion KRW (2021; a decrease of -66.8% compared to 2019) ➔ 150.7 billion KRW (2022; an increase of +91.0% compared to the previous year) 🌍Seoul vs. New York vs. London Number of Rooms(As of December 2022): London(106,752) > New York(53,292) > Seoul(17,257) Airbnb market share in the accommodation market: London (41.5%, as of March 2023) > New York (27.4%, as of March 2023) > Seoul (18.7%, average for 2022) In Seoul, multi-unit hosts (operators managing multiple properties) dominate the market. In New York and London, single-unit hosts (operators man...