"Save up to 500,000 Won if You Act Fast"…Unexpected 'Rebooking' Movement at Jeju Air

Full Refunds for Tickets Booked Before the Accident Without Penalty
"Price Difference of 500,000 KRW for Two Adults When Rebooking"
Some Travelers Cancel and Repurchase After Comparing Fares

Following the Muan Airport accident, Jeju Air has implemented free ticket cancellations as a follow-up measure, leading to a growing trend among some travelers to cancel their existing tickets and attempt to 'rebook' by comparing prices.

According to the aviation industry on the 12th, Jeju Air decided to offer full refunds for all routes booked before February 29th for flights up to March 29th to alleviate customer concerns. Refund applications are accepted until the 31st of this month.

On the 30th of last month, the Jeju Air counter at Gimpo International Airport in Seoul appeared quiet.

As a result, posts have been appearing mainly on various online travel communities and social networking services (SNS), where users are comparing their original booked ticket prices with current fares and considering rebooking. One netizen wrote, "When I checked a few days ago, the price difference was not significant, but after checking again recently, I can save 500,000 KRW for two adults," adding, "I plan to cancel immediately and rebook the same itinerary."

According to the Ministry of Land, Infrastructure and Transport's aviation portal, the number of passengers departing on Jeju Air flights during the six days following the accident until the 3rd was 49,839, a decrease of more than 15% compared to the same period last year. Following the Jeju Air passenger plane disaster, the number of ticket cancellations has surged, which is expected to increase Jeju Air's liquidity burden.

According to the Financial Supervisory Service's electronic disclosure system, the amount of advance payments Jeju Air has received from customers for ticket sales is approximately 260.6 billion KRW, the largest among domestic low-cost carriers (LCCs). Advance payments are pre-paid ticket fees from customers and serve as important liquidity assets for airlines. However, due to the free cancellation policy, Jeju Air is facing temporary pressure from reduced revenue.

In particular, about 68,000 tickets were canceled in just one day from February 29th to 30th, immediately after the accident. As the cancellation fee waiver period continues until the end of this month, the number of cancellations is expected to increase further. Nevertheless, Jeju Air appears to prioritize restoring customer trust over short-term profitability.