"Travel and Tourism in South Korea to 2017" now available at Fast Market Research

Rapid economic development in Asian countries has benefitted the South Korean travel and tourism sector. The sector's contribution to the overall economy has increased; in 2012, it was responsible for 5.9% of South Korea's GDP. According to the World Travel and Tourism Council in 2012, the number of people directly or indirectly employed in tourism is estimated to represent 6.4% of total employment in South Korea.

Key Highlights

* Based on Timetric forecasts, South Korea's real GDP is expected to grow by 2.5% in 2013 and 3.6% in 2014, led by a gradual improvement in the global economic output. Timetric expects the economy to expand at an average of 4.6% over 2015-2017, supported by a revival of private consumption and exports.
* The 'workaholic' nature of South Koreans is also limiting domestic tourism. According to the Organization for Economic Co-operation and Development (OECD), South Koreans work the longest hours amongst the OECD nations, with rising housing debt forcing them to work through holidays for bonuses and chances of promotion. The country's occasional social and political instability is another challenge. Political and social stability are key to attracting investment and encouraging tourism, and the strong labor union movement and frequent strikes and demonstrations in South Korea may continue to restrict tourism growth.
* The strengthening of the Korean won against the US dollar is expected to increase the cost of travel and tourism services in Korea. The country also boasts one of the best healthcare systems in Asia and received approximately 80,000 foreign visitors for medical purposes.
* According to the Centre for Asia-Pacific Aviation (CAPA), a duopoly of Korean Air and Asiana Airlines existed in the South Korean aviation market for 20 years. Their domination was broken by the launch of Jeju Air in 2006, giving South Korea its first low-cost alternative. Despite establishing the country as a vibrant ground for potential new carriers, only two amassed scale: Jeju Air and Eastar Jet.
* Accor is the largest international hotel chain in the country, operating 10 hotels with over 2,800 rooms. The company has announced plans to open three new hotels: the 288-room Mercure Ambassador Gangnam scheduled to open by the mid of 2014, the 360-room Ibis Ambassador Insadong scheduled to open in 2014, and the 300-room Novotel Ambassador Seongbuk scheduled to open in 2016.
* KT Kumho Rent-a-Car is the leading car rental company in South Korea. It operates through a network of 101 branches and offices nationwide. It also provides overseas reservation services in association with Hertz. Avis South Korea, a subsidiary of Avis Rent A Car Inc., is the other major rental car company in South Korea with a branch network of 130. German car rental company, Sixt, also has operations in the country, while other local car rental companies include Car Rental Korea and Jeju Rent a Car.

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