Seoul Korea - Despite the prolonged recession, per-capita spending of outbound tourists has hit a record-high level. According to the Korea Culture & Tourism Institute on December 7, the total number of Korean nationals who went overseas for the ten-month period from January to October this year was 13,361,253, up 7.0 percent from the same period last year. This is about 90 percent of the total outbound tourist number (14,846,485) last year.
During the same period, the aggregate spending by the outbound tourists was US$14,347 million, 15.1 percent higher than the same period a year ago. Per-person spending has also increased to $1,235, overtaking the previous record set in 2011 ($1,224).
The major reasons for the increase included lowered airfares due to marketing efforts of low-cost carriers and favorable exchange rate movements that made the Korean won stronger vis-a-vis currencies in neighboring countries including Japan. In addition, a new culture among younger generations of traveling overseas regardless of economic conditions has been a factor.
The state-run Korea Culture & Tourism Institute expected the rising trend in tourism spending overseas by Korean nationals will continue for the time being unless there is any abrupt change that would reverse the strong won trend.
