Tourism and leisure consumption in South Korea last year

According to a report released by the Korean culture and Tourism Research Institute on 26, COVID-19’s consumption expenditure in tourism and leisure in 2020 reduced by more than 20%. In particular, foreigners’ spending on tourism and leisure in South Korea has plummeted by nearly 77%. Among the related industries, tourism has suffered the greatest impact.

Tourism and leisure consumption in South Korea last year

According to the report, the consumption expenditure in the field of tourism and leisure last year was 134.8985 trillion won (about 785 billion yuan), a year-on-year decrease of 21.8%. Among them, Korean spending was 133.2402 trillion won, a decrease of 19.5%, while foreign spending was 1.6584 trillion won, a decrease of 76.6%. Among the monthly consumption expenditure, in December last year, when the third wave of pandemic began, it was 7.542 trillion won, with a year-on-year decrease of 45.7%, the largest decrease. In March last year, when the epidemic began to spread, the decrease was 33.5%.

From the perspective of various industries, the consumption expenditure in the field of tourism last year was 407.1 billion won, with the largest decrease of 83.5%. Followed by gambling (- 78.8%), duty-free shops (- 73.5%), aviation (- 71.7%), tourism souvenir sales (- 59.2%), tourism accommodation (- 45.4%). Only the car rental industry increased by 4.7% to 531.7 billion won.