South Korea is forecasted to welcome over 20 million foreign tourists this year—surpassing the previous high of ~16.4 million tourists in 2024. This boom is expected to generate around $20.2 billion in revenue, accounting for approximately 2.5% of national consumer spending. This data comes from a report by the Hyundai Research Institute.
South Korea’s post-pandemic tourism rebound isn’t just about headcounts—it’s a strategic economic lever. With $20.2 billion in expected revenue, tourism is becoming a core pillar of domestic demand, not just an auxiliary industry. Something that can help change direction to the sluggish economy.
Today’s tourists aren’t satisfied with just photo ops—they want to spend their money on cultural immersion: cooking classes, temple stays, and hanbok costume rentals. Most tourist spending remains concentrated in Seoul, which risks over-tourism and misses out on regional development opportunities. Hopefully the government will find ways to incentivize travel to Korea’s 9 provinces.
More foreign tourists are also skipping duty-free shops and heading to everyday Korean retailers like Musinsa, Olive Young, and Daiso. Musinsa saw a 348% jump in foreign customers, while Olive Young’s tourist spending rose 106%. Hana Card noted this reflects “a changing spending trend,” as visitors seek “a wide range of items … at reasonable prices.”
Vocabulary:
Chinese tourists part one and part two
Medical tourism and plastic surgery
