Williamstown, MA -- (SBWIRE) -- 03/27/2012 -- South Korea's travel and tourism industry is expected to contribute 1.9% to national GDP in 2012, and account for 2% of the country's total employment. The total South Korean tourist volume, including inbound, domestic and outbound, grew at a healthy rate during the review period (2007-2011). This growth could be attributed to factors such as a growing economy, rising disposable incomes and government initiatives to promote the country as a tourist destination. The government has allocated US$166 billion for the expansion and modernization of airports, roads, railways and sea ports over the coming decade. Tourist volume in South Korea is expected to reach 290.27 million by 2016, growing at a CAGR of 10.97% over the forecast period.
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- South Korea ranks as the seventh-leading tourism destination in Asia-Pacific for international tourist arrivals. In 2011, South Korea emerged as a major tourist destination, with 9.51 million visitors.
- South Korea is emerging as a major medical tourism destination, particularly among tourists coming from the US, China and Japan.
- The government has allocated US$166 billion for the expansion and modernization of airports, roads, railways and sea ports over the coming decade.
- The growing e-commerce sector is making it essential for travel agents and tour operators to use information technology. The emerging economy, increasing leisure and business travel and the fast developing e-commerce sector offer huge potential for the market.
This report provides an extensive analysis of the travel and tourism market in South Korea:
- It details historical values for the South Korean travel and tourism industry for 2007-2011, along with forecast figures for 2012-2016
- It provides top-level analysis of the overall travel and tourism market, as well as individual category values for both the 2007-2011 review period and the 2012-2016 forecast period
- The report makes a detailed analysis and projection of tourist spending pattern in South Korea
- The report profiles the top travel and tourism companies in South Korea
Reasons to Get this Report
- Take strategic business decisions using top-level historic and forecast market data related to the South Korean travel and tourism industry and each sector within it
- Understand the demand and supply-side dynamics within the South Korean travel and tourism industry, along with key market trends and growth opportunities
- Assess the competitive landscape in the travel and tourism market in South Korea and formulate effective market-entry strategies
- Identify the growth opportunities and industry dynamics within the South Korean tourism industry's key categories, including transportation, accommodation and travel intermediaries
Companies Mentioned in this Report: Korean Air Lines Co., Ltd, Asiana Airlines Inc., Jeju Air, KT Kumho Rent a Car, Korea Railroad Corporation, Aju Avis Co., Ltd, JW Marriott Hotel Seoul, InterContinental Hotels, HanaTour Service Inc., Mode Tour Network Inc, Cosmojin Tour Consulting
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