K-tourism

Summer K-POP Festival

 

 Korea has been struggling with a travel trade deficit for several years. The travel trade balance is the difference between the amount spent by foreign tourists visiting Korea (tourism income) and the amount paid by Korean tourists abroad (tourism expenditure). Since the worsening of this deficit due to COVID-19, the recovery has been slow and not substantial. 

 

 In 2023, one-third of foreign tourists visiting Korea were under 30 years old, the so-called "MZ" generation. Experts analyzed this to the influence of K-pop, K-drama, and particularly the trend of 'Idol' fans visiting Korea to experience the culture firsthand. Recognizing this, the Korean government has devised several plans to hold on and increase tourism among foreign MZ generations.

 

 However, there are still many parts that need improvement to achieve a trade surplus. One major issue is that tourism plans heavily related to new K-culture tend to concentrate visitors to Seoul. Due to the characteristics of the K-pop industry, for example, it is hard to hold events outside of Seoul, so the centralization is exacerbated by government budgets and content plans, along with K-culture items, that are also heavily Seoul-centric. Other aspects of K-culture are often overlooked, and many systems for comfortable and rational tourism are not yet in place. Complaints from foreign tourists remain unresolved.

 

  In June this year, the Korean government announced plans to boost tourism for the second half of 2024 and beyond. The goal is to attain 30 million foreign tourists by 2027. During the Economic Ministers’ Meeting, several tourism promotion strategies were discussed, including the development of trendy K-culture-related tourism products, a K-culture training visa for foreign youth coming to learn K-pop, etc., and a digital nomad visa that allows foreigners to work online while traveling in Korea.

 

 The 2024 Tourism Promotion Basic Plan by the Ministry of Culture, Sports, and Tourism outlines the vision for the 6th Tourism Promotion Basic Plan, continuing until 2027, with the vision of becoming an "Attractive tourist country with K-culture." The report lists tasks in fields such as market diversification, integration of tourism and K-culture, provision of convenient services during travel, innovation of regulations related to foreigners, ensuring tourism safety, and establishing a sustainable tourism environment.

 

 Statistics from the first half of 2024 reveal that many new tourism items have emerged, one previously unseen, and the reactions from foreigners have been positive. The continuously developing tourism support systems are also being effectively used. Foreign visitors have varied perceptions of Korean prices, with many noting that they fluctuate widely. Additionally, there is awareness of the concentration of tourists in specific areas of Seoul. A tourist who visited Korea earlier this year complained about price gouging in popular shopping areas.

 

The tourism industry is a high-value industry that boosts service growth, stimulates the economy, and improves the international balance of payments. Countries that promote tourism centered on cultural heritage tend to have strong sustainability. Heritage sites of great historical value or those maintained and preserved systematically wield significant influence. While few countries leverage contemporary cultural items as Korea does, this underscores the high value of K-culture. Now, our challenge is to make K-culture tourism sustainable.

 

 

By Staff Reporter Lee Yueun (2-1)