Everyone Wants to Travel to Europe... "Japan Is the Best: Close and Affordable"

Consumer Insight 'October Domestic and Overseas Travel Trends'
"Interest in High-Cost Countries like Europe at Lowest Level"

The so-called 'revenge consumption' that led to an explosive increase in overseas travel demand after COVID-19 has cooled down due to high inflation and high exchange rates. Cost-effective Asian travel destinations such as Japan, which have lower expenses, are gaining attention.

The duty-free area of Incheon International Airport Terminal 1 is bustling with crowds heading overseas during the holiday period. Photo by Jo Yongjun jun21@

According to the 'October 2024 Domestic and Overseas Travel Trends' report released by the travel research agency Consumer Insight on the 29th, a survey of 2,000 adults nationwide last month showed that the most visited regions in the past six months were Japan (32.3%), Vietnam (16.6%), Europe (8.1%), and Australia, Guam, Saipan (4.2%) in that order. Compared to the same period in 2019 before the pandemic, travelers to Japan and Vietnam increased by 189% and 116%, respectively, while travelers to Europe and the U.S./Hawaii decreased by 70% and 52%, respectively.

This trend is expected to continue. In a survey asking about planned overseas travel destinations, the response shares were Asia 77.9%, Europe 8.9%, and the South Pacific 6.6%. By country, Japan (30.6%) ranked highest, followed by Vietnam (14.7%), Thailand (7.1%), Taiwan (4.8%), and the Philippines (4.4%). On the other hand, the decline in high-cost European countries, which ranked first as desired destinations before COVID-19, and the South Pacific and Americas with lower accessibility, has deepened to the lowest level in the past three years. This reflects travelers' realistic preferences for nearby, short-term, and low-cost trips. Behind this are high exchange rates, high inflation, and high costs.

Consumer Insight stated, "Compared to before the pandemic, there is a trend toward budget-conscious travel," and analyzed, "Preference for nearby and cost-effective travel is expected to continue for the time being." The travel industry also said, "Overseas travel is likely to focus on Asian destinations that are nearby, short-term, and low-cost for the time being," adding, "This presents a great opportunity for the domestic travel industry, which is currently in a slump, and we can expect revitalization of travel and improvement in the travel balance."

The industry is releasing special offers one after another to capture the last winter travelers. Hanatour is holding the '2024 Black Friday' event until the 8th of next month. Products targeting the golden holiday have already been released. Modetour is holding the '2025 Eulsan Year Lunar New Year Early Bird Special Promotion,' offering discounts on travel products departing from January 22 to February 1 next year. The Lunar New Year holiday next year falls on January 28-30, including Monday and Friday before and after.