Boston, MA -- (SBWIRE) -- 07/16/2012 -- Factors such as South Korea's developing economy and easing of restrictions on movement are both supporting the growth of travel and tourism in South Korea. South Korea is one of the most attractive countries for inbound and outbound tourism businesses in the world. The country was the seventh-largest inbound tourism destination by volume in the Asia-Pacific region in 2011. Rising tourist volumes and subsequent growth in the South Korean travel intermediaries industry can be attributed to various drivers including the country's robust economic growth, government initiatives to promote tourism and tourism-related activities, increasing volume of business activities, and high internet penetration that encourages the growth of buying travel and tourism services online.
- The South Korean travel intermediaries industry is projected to grow at a CAGR of 4.9% over the forecast period (2012-2016). The key growth drivers for this industry include the country's rising average disposable income levels, the high number of business opportunities, the lowering inflationary forecast, positive employment outlook, and increasing volume of corporate and leisure travelers.
- The Ministry of Culture, Sports and Tourism of the Republic of Korea now permits the establishment of wholly foreign-owned travel agencies in the country and has also lifted the restrictions for foreign-invested travel agencies to establish branches in South Korea.
- The entry of leading foreign operators, such as Expedia, Carlson Wagonlit Travel and BCD Travel, in the highly fragmented South Korea online travel site market is expected to lead to significant consolidation over the forecast period.
- Metasearch engines is one of the innovative product strategies that travel intermediaries are offering to their customers in order to provide fast services and to differentiate themselves from the competition.
- Travel service providers are attempting to capitalize on the growing South Korean mobile phone base by offering travel applications that can allow users to make bookings from their mobile phones.
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- This report provides an extensive analysis of the travel intermediaries industry in South Korea
- It provides historical and forecast market sizes for the South Korean travel intermediaries industry
- It offers detailed analysis of the factors driving the growth of the travel intermediaries industry in South Korea including demand drivers such as total tourist volume, tourist volume by type, spending patterns of domestic and international tourists and internet penetration
- The report details the government regulatory frameworks in the South Korean travel intermediaries industry, market entry routes adopted by international travel companies to enter the South Korean market and the expansion strategies of local and international travel companies
Companies Mentioned in this Report: HanaTour Service Inc., Mode Tour Network Inc.
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