[Press Release]TidesquarexConsumer Insight predicts 2024 travel trends for outbound Korean travers
Millennial and GenZ male travelers are on the rise and contactless travel is here to stay
Tidesquare x Consumer Insight
predicts 2024 travel trends for
outbound Korean travelers
Millennial and GenZ male
travelers to become a key demographic
Contactless travel continues to
be high priority as travelers prioritize safety and relaxation
Narrower travel destination
choices due to global unrest and high fuel prices
Increased role of exchange rate
and prices on destination selections
- Continued development of products and promotions to meet these trends
- Consumer Insight “Tracking Koreans’ Travel Behavior Changes 2017-2023”
(Presented at ‘Wit Seoul 2023’ on Nov. 2,
- Tidesquare (Tourvis, Kyte) 2023.01 – 2024.03
Travel technology company TIDESQUARE has
forecasted Korean outbound travel trends for 2024 based on 2023-2024 booking
trends and data from research firm Consumer Insight.
Based on data presented by Consumer Insight at ‘WiT Seoul 2023’ on Nov. 2, 2023 and internal booking trends,
TIDESQUARE analyzed traveler behavior and purchase journeys to predict major changes from the pre-COVID 19 era, including the continuation of contactless travel, narrow scope of travel destinations due to global unrest and high oil prices as well as stronger mobility services.
Predicting a rise in small-town travel
According to Consumer Insights' analysis of T.R.A.V.E.L. - the six key factors that shape traveler behavior and attitudes - the most significant change in the “Target” audience in 2024 will be men in their 20s. There will also be some shifts in travel patterns as single women in their 20s and 30s and families with infants and toddlers,
who were key pre-COVID-19 travelers, become less common and the older population declines.
“Resource” predicts that the "contactless" travel trends that have been established during the pandemic will
continue for the foreseeable future, with people seeking safety and relaxation. Tidesquare data shows that while major cities with popular tours and experiences have consistently been the most popular destinations, since the
second half of 2023 bookings for small towns and lesser known destinations have increased. In Japan, small town hotel bookings accounted for more than 22% of all hotel bookings in the country, with winter hot spring
destinations also increasing, not only in the more popular hot spring areas such as Yufuin, Haneda, Jozankei and
Noboribetsu, but also lesser-known hot spring areas such as Arima, Gero and Kurokawa. In Vietnam, the
proportion of accommodation bookings in smaller cities other than Da Nang and Hanoi more than doubled
year-on-year, demonstrating a new direction in contactless travel.
Strong growth in short-haul destinations
with strong impact of exchange rates
In terms of “Accessibility”, international travel will continue to grow as COVID-19 becomes an endemic in most
destinations, but in 2024, global unrest and high fuel prices will narrow the choice of destinations. In 2023, the
most popular overseas air routes were Tokyo (13.77%), Osaka (11.89%), Fukuoka (10.64%), Da Nang (3.25%), and
Bangkok (2.88%), and the top five were all in East Asia, with the commonality being short-haul destinations of
around 5 hours. Booking trends for Q1 2024 are expected to be similar to those for Q1 2023, with short-haul
destinations around 5 hours continuing to be strong for the foreseeable future.
“Value for money” as a criteria in selecting destinations is going to increase in importance. While in the past,
travel plans were made by comparing ticket prices on metasearch platforms such as Skyscanner and Naver, next
year they are expected to be influenced by other factors such as exchange rates and local prices. In the case of
Japan, with its close proximity as well as fall of Japanese yen against Korean won (100 yen : 800 KRW in
November 2023), flights to Japan accounted for 30% of airline ticket bookings this year and into the first quarter
of next year.
Increased use of mobility services and
Along with changes in travel trends, changes in “E-connect” (information channels) are also expected. While
OTAs and SNS will remain influential in pre-trip bookings and information searches, the number of people looking for information in destination will increase, and mobility services such as Google Maps, Uber, and KakaoT, which
allow users to
check travel routes and book taxis, electric bicycles, and kickboards, will be
“Loyalty” seems to be the at the core of the shift in consumer spending. As the standard of satisfaction focuses
more on recreation and healing, the tendency to pursue “value-for-money” travel, which emphasizes efficient use of time is likely to increase rather than “value-for-money” travel focusing unconditionally on cost-saving.
As a result, demand for products that prioritize safety and
private packages such as VIP tours and luxury
hotels is expected to increase.
With the declaration of COVID-19 being an endemic in May 2023, Korean outbound travel sentiment rebounded
once again and 2024 will be a time to take a leap forward with travel trends that have changed before and after
Min Yoon, CEO of TIDESQUARE stated “Travel trends change every year but the competitiveness of travel
platforms is the differentiated technology and specialized services they offer. We plan to continue to lead the
way utilizing the latest technology and provide trend-customized services in 2024 by collaborating with various
mobility services such as Kakao Mobility and
launching a new premium travel platform."
TIDESQUARE is South Korea’s leading technology focused travel agency and operator of OTA brand “Tourvis” and #1 premium OTA brand “Privia Travel”. Established in 2009, TIDESQUARE is a top 3 BSP travel agent (Nov. 2022
BSP ranking) with a strong network of global and local partnerships with industry-leading platform operators
including Kakao Mobility,
SK Telecom and Naver. TIDESQUARE stands at the forefront of the South Korean
travel landscape leading NDC and direct airline connectivity as the first
Korean agency to obtain NDC certification.