Travel Spending Revives with 'With Corona'... "This Year, Small Cities Instead of Jeju"

Shinhan Card Metropolitan Residents
Travel-Related Spending for 2 Weeks in November
Up 13% Year-on-Year Showing Growth

[Image source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] With the phased implementation of daily recovery (With Corona) starting this month, travel-related consumption is reviving. In particular, visits to small local cities excluding Jeju Island and the Gangwon region have increased.

According to Shinhan Card on the 24th, travel-related spending by residents of the metropolitan area increased by 13% compared to the previous year since the beginning of this month. This is based on an investigation of travel-related spending such as accommodation and dining by residents of Seoul, Incheon, and Gyeonggi Province over two weeks from the 1st to the 14th of this month, focusing on major tourist destinations by region.

Compared to the 4% increase in the same period last year, travel-related consumption has more than tripled this year. It is interpreted that travel demand, which had been depressed due to COVID-19, is reviving with the implementation of With Corona.

Travel consumption patterns have also changed drastically over the past two years due to COVID-19. Last year, overseas travel demand concentrated on major tourist destinations in Jeju Island and the Gangwon region. Despite an overall sharp decline in travel consumption such as accommodation and dining, travel-related spending in Jeju Island surged by 34% compared to the previous year. The Gangwon region also showed notable increases in spending: Gangneung (18%), Sokcho (23%), Goseong (36%), and Yangyang (31%). Compared to places like Busan Haeundae (0%), Jeonju (-9%), and Jecheon (-10%), which recorded negative growth, there was a concentration of travel demand in Jeju Island and Gangwon.

This year, with the implementation of With Corona, visits to cities that had not previously attracted attention have increased. It is also analyzed that various government consumption coupon projects, such as the "Korea Accommodation Grand Sale" which started on the 9th, had an impact. Spending in Busan Haeundae increased by 23% compared to the previous year, and Jecheon (22%), Boeun (24%), and Suncheon (18%) also saw increases in travel-related spending. Although travel-related spending also increased in Jeju Island (22%) and Gangwon region cities such as Gangneung (9%) and Sokcho (7%), the rate of increase was smaller than last year.

A Shinhan Card official said, "After With Corona, visits to cities that had not previously attracted attention have increased, easing the concentration of travel destinations in specific regions," adding, "In particular, consumer interest and visits to cities in the Honam and Chungcheong regions have increased."

This content was produced with the assistance of AI translation services.