The international visitor spending is expected to reach nearly ₩31.9tn and the domestic visitor spending is also set to rise, achieving nearly ₩35.5tn
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) predicts a remarkable year for Travel & Tourism in South Korea, with significant growth in its economic contribution, employment, and visitor spending.
According to the latest data, the sector’s contribution to the national economy is expected to reach a record ₩96.2tn this year, representing a 13.6% year-on-year increase. This contribution underscores the sector’s crucial role, accounting for 4.3% of the nation’s economy.
The Employment within Travel & Tourism is also forecasted to surpass previous records, with total job of numbers anticipated to surpass to 1.4mn in 2024, highlighting the sector’s vital role in job creation and economic stability.
The visitor spending is also projected to witness substantial growth this year, with international visitor spend expected to reach 2019 levels to nearly ₩31.9tn, up 31.2% from last year.
Additionally, the domestic visitor spending is also set to rise, achieving nearly ₩35.5tn, reflecting a 7.2% increase from 2019 levels and a 3% growth compared to 2023.
Last year, South Korea’s Travel & Tourism sector experienced a resurgence, growing 18.2% to reach ₩84.71tn, representing 3.8% of the country’s total economic output. This growth was a significant rebound, although it remained 6.3% below 2019 levels.
The sector also contributed to the creation of 76.6k new jobs, bringing total employment to 1.34mn, reflecting a year-on-year increase of 6.1%.
The international and domestic spending also saw notable increases, with international visitor spending reaching ₩24.3tn and domestic spending climbing to ₩34.45tn.
Looking ahead, the WTTC forecasts that by 2034, South Korea’s Travel & Tourism sector will significantly boost its annual GDP contribution to ₩130.9tn, accounting for nearly 5% of the national economy. The employment in the sector is expected to exceed 1.8mn jobs, underscoring its role as a cornerstone of the national workforce and supporting 6.8% of all jobs in the country.
