45% of SME CEOs Plan to Spend Summer Vacation in South Korea

Average Vacation Duration is 3.6 Days

Approximately half of small and medium-sized enterprise (SME) CEOs in South Korea have plans for a domestic summer vacation.

According to the "SME and CEO Summer Vacation Plans Survey" released by the Korea Federation of SMEs on July 10, 45% of SME CEOs plan to take a domestic summer vacation, with an average vacation duration of 3.6 days. The survey was conducted with 300 SME CEOs from June 27 to July 3.

Regarding the type of vacation, "visiting tourist attractions and resorts" was the most popular choice at 54.8%. This was followed by "resting at home with activities such as reading or contemplation" (22.2%), "leisure and sports activities" (17.8%), and "visiting hometown or relatives" (5.2%). The reasons for planning a domestic vacation included "the convenience of domestic vacations" (51.9%), "participation in boosting domestic demand" (14.1%), "cost savings" (14.1%), "possibility to combine with work" (12.6%), and "no cultural fatigue" (5.9%).

Among SME CEOs who do not have summer vacation plans, the most common reason was the inability to take time off due to work commitments. This was followed by "no summer vacation plans due to taking leave as needed throughout the year" (29.1%) and "lack of capacity due to worsening business conditions" (18.2%).

Regarding the government's plan to use livelihood recovery consumption coupons at vacation destinations, 86.6% responded positively ("yes" 53.3%, "will consider" 33.3%), while 13.3% responded negatively ("no").

As for the most necessary policy to promote summer vacations for SMEs, "financial support (such as vacation expense subsidies)" was cited by 64.3% as the top priority, followed by "system improvements such as vacation usage promotion systems" (22.7%) and "infrastructure support such as providing resort facilities" (11.7%).

Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated, "Due to the domestic economic downturn and a shrinking consumer population, more than one million small business owners closed their businesses last year. Given these difficulties, I hope that not only the business community but also all citizens will participate in boosting domestic demand this summer by traveling to local attractions and increasing spending at popular restaurants."