[🇺🇸] How High Inflation is Shaping South Koreans’ Travel Spending Trends

In the era of high inflation, significant changes in travel spending patterns have been observed in South Korea.

An analysis of South Korean travelers' search data from January 1 to September 30 revealed a growing trend toward cost-effective group travel, rather than solo trips. Additionally, instead of long-haul European vacations costing over 1 million KRW, there has been a notable shift towards more affordable trips to Japan and Southeast Asia, priced between 300,000 to 400,000 KRW. This “value-for-money” trend is becoming more prominent.

The most notable change is the surge in searches for flights to Japan.

Japan overwhelmingly ranked first, with search volume 2.7 times greater than that of Vietnam, which ranked second. There was particularly high demand for major cities such as Tokyo, Osaka, and Fukuoka. Thanks to the continued weak yen and excellent accessibility, Japan has become a favored and affordable destination for South Korean travelers.

Vietnam ranked second, with its low airfare and affordable local food and transportation costs allowing for budget-friendly trips. In particular, Da Nang has become a popular cost-effective vacation spot, offering a combination of beach resorts and the ancient town of Hoi An for around 300,000 KRW.

In addition, demand for group travel has increased.

Searches for flights for 3 or more people have risen by 77% compared to last year, and searches for flights for 2 people have increased by about 37%. Meanwhile, searches for solo flights have decreased by 11%, indicating a clear trend toward traveling with others rather than solo trips.

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