[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, with over 14 million South Koreans traveling overseas-a 41.2% increase from 2023 and nearly full recovery to 2019 levels.
Travel to Japan and Vietnam increased, while visits to the U.S., Canada, and some European countries declined.
Average spending per outbound traveler dropped to about $934, down 3.6% from 2019 and 20.8% from 2023, leading to a tourism spending increase from 2023 but still below pre-pandemic figures.

Addressing the Travel Trade Deficit: A Strategic Priority

South Korea continues to face a significant travel trade deficit, reaching $5.4 billion in early 2024, a trend expected to persist.
This deficit accounts for nearly 39% of the country’s service account deficit, underscoring the importance of boosting tourism income.
Learning from Japan’s success in transforming its travel trade deficit into a surplus through strategic inbound tourism promotion could provide valuable guidance.
Increasing foreign tourist spending in South Korea is seen as the most effective way to improve the travel trade balance, as reducing outbound spending by Koreans is challenging.

These highlights reveal a tourism sector on the rise but with clear challenges ahead. For a deeper dive into the data and what it means for South Korea’s tourism future, visit the official website.

Yanolja Research Brief Vol.2

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