South Korea’s tourism sector is experiencing a phenomenal rebound, with October 2024 seeing a 30.1% increase in foreign visitors compared to the same month last year. This surge, driven by the Hallyu wave and strategic tourism initiatives, has propelled the country to nearly pre-pandemic visitor levels and positions it for continued growth.
The Chinese tourism industry is experiencing a notable transformation, with domestic travel taking precedence over international trips. This shift reflects a surge in local tourism, driven by improved infrastructure, government initiatives, and increased consumer confidence. As a result, local businesses and regional economies are witnessing significant growth. Despite the positive domestic rebound, international travel is also steadily recovering, reaching 80.3% of pre-pandemic levels. The easing of travel restrictions and visa exemptions are contributing to this recovery, with destinations such as Singapore, Malaysia, and Thailand benefitting from the influx of Chinese tourists.
