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Hotel Market of South Korea Shows Steady Growth
South Korean hotel market becomes an important destination of the international level. Despite a slowdown of Korean economy its travel market shows strong growth. The latest report by PhoCusWright mentions some truly amazing figures. In 2010 the increase in bookings estimated 25%. The company forecasts that the total growth of gross travel bookings will reach 45% for the period 2009-2012.
South Korea becomes not only more frequently visited by foreigners; the in-country tourism also becomes significant thanks to rapid growth of middle class and high GDP per capita that is almost 6 times bigger than in China. The country is very attractive for development of mobile and online business as it has one of the fastest broadband speeds in the world and high percent of penetration of Internet. However, Koreans prefer to make purchases online, but when it comes to booking hotels, they still prefer to make it offline.
Korean travellers slowly open up Europe and other popular tourist destinations. For example, in 2010 one in four Koreans made an overseas trip. This has caused the growth of demand for international routes by 47%. Tourists from Korea also show less interest to group travelling that is popular among Asians. In 2005 96% of international trips were “fully packaged” (included travelling assistance and itinerary). In 2012 this digit will reach only 80%.
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