Skip to main content

[Yanolja Research Insights] Vol. 15 Lodging trends: Growth in shared and high-value stays, and boosted digital transformation

The lodging industry is undergoing a dynamic transformation, driven by evolving traveler preferences and technological advancements. Here's a snapshot of the latest trends shaping the future of accommodations:


Lodging as an Experience, Not Just a Stay

  • Travelers now view accommodations as a core part of their journey, seeking unique stays that offer cultural immersion, privacy, or even luxury.
  • Emerging trends like gamsung lodgings, wellness retreats, and pet-friendly accommodations are reshaping the way people choose where to stay.


The Rise of Shared Lodging

  • Platforms like Airbnb have revolutionized the market, offering personalized and cost-effective options that immerse travelers in local culture.
  • Did you know that Airbnb’s transaction volume in South Korea exceeded 1 trillion KRW in 2023? The growth trajectory is astonishing!


Digital Transformation is Here to Stay

  • From online bookings to IoT-enabled smart rooms and AI concierge services, technology is revolutionizing the lodging experience.
  • With 82% of hotel bookings in South Korea made online in 2022, digital convenience is becoming non-negotiable for travelers.


High-Value Stays are Booming

  • "Revenge travel" and an increase in affluent travelers have driven demand for premium accommodations.
  • Wellness tourism alone grew to a $5.4 billion market in South Korea by 2022—what’s fueling this trend?


Sustainability Meets Innovation

  • Eco-friendly practices and smart systems are not just reducing costs but also attracting environmentally conscious travelers.

These trends are just the beginning of how the lodging industry is adapting to meet modern traveler demands. Curious about what’s next? Visit our official website for a deeper dive into these insights and strategies shaping the future of travel!

Yanolja Research Vol.15

Labels:
Location: Seoul, Korea

Comments

Post a Comment

Popular posts from this blog

[Yanolja Research Insights] Vol.1 Digital Transformation and Globalization Strategy for the South Korean Tourism Industry

The South Korean tourism industry has substantial growth potential, but it still lags behind global counterparts in terms of its contribution to GDP. While tourism globally accounts for 10.3% of GDP, Korea’s tourism contribution is only 2.8%. To achieve similar growth seen in countries like Japan, Korea needs to prioritize digital transformation (DX) in its tourism sector, focusing on rapid adoption of technological innovations. Key Changes and Trends in the Tourism Industry: Automation and Technology Integration : The industry is moving towards automated, contactless services, transforming sectors like airports, hotels, and tourist centers into high-value operations. Growth of Tourism Solutions : Specialized solutions, such as cloud-based management systems, are improving operational efficiency and service quality for hotels and tour companies. Hyper-Personalization : Using big data, tourism services are increasingly tailored to individual preferences, exemplified by servic...
Post a Comment
Read more

[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...
Post a Comment
Read more

[Yanolja Research Brief] Vol. 2 Inbound & Outbound Tourism S. Korea in the 2024 H1

South Korea’s Tourism in 2024 H1: A Dynamic Recovery with New Opportunities Foreign Visitors Bounce Back Strongly, But Spending Dips The number of foreign tourists visiting South Korea surged to over 7.7 million in the first half of 2024, reaching 91.2% of the pre-pandemic peak in 2019-a remarkable 73.8% increase from the same period last year. Notably, tourists from long-distance regions like the Americas, Europe, Africa, and Oceania grew significantly, with countries such as the U.S., Germany, France, and Australia showing impressive gains. However, key Asian markets like China, Japan, and Thailand saw declines, leading to an overall drop in Asian visitors compared to 2019. Despite more visitors, average spending per tourist fell sharply to around $1,000, down 18.3% from 2019. This resulted in only a modest 8.3% increase in total tourism income compared to 2023, still 25.4% below 2019 levels. South Koreans Travel Abroad More, But Spend Less Outbound travel also rebounded strongly, wi...
Post a Comment
Read more