SEOUL – South Korea’s tourism industry had a banner year in 2024.
Foreign visitors spent more money than ever before, pouring 9.26 trillion won (S$8.6 billion) into the local economy – a 33.8 per cent increase from the previous year. The number of international arrivals also surged, reaching 16.37 million, nearly matching pre-pandemic levels.
Yet, despite this boom, South Korea’s long-standing travel deficit is expected to widen, as outbound Korean travellers considerably outnumber inbound tourists.
Shopping remains the biggest draw for foreign tourists, accounting for 37.8 per cent of their spending. Seoul’s Myeongdong district, hit hard by the pandemic, has been revived by visitors hunting for Korean beauty products, luxury…
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