South Korea Luxury Hotels Market to Reach Around USD 4.48 Billion by 2032, Aided by the Growth in Tourism Due to The Influence of Korea’s Rich Culture and Food

South Korea has gained wide popularity among international tourists due to the high influence of K-dramas and K-pop. In addition, the rich culture of the country, picturesque self-drives in Jeju Island and Busan, and the expansion of food tourism aid the South Korea luxury hotels market expansion.

The GDP of South Korea's travel and tourism sector is expected to expand at an average annual rate of 4.8% between 2022 and 2032, considerably faster than the 1.8% growth rate of the country's overall economy. As a result, the sector is expected to contribute around 116.9 trillion won, or 4.6% of the GDP. Additionally, the shows performed by top Korean pop bands such as BTS, Black Pink, and EXO boost the sales of luxury hotels in those specific areas. For instance, in October 2022, the performance of BTS at Busan Asiad Main Stadium spiked the demand for luxury hotels in Busan, including the Lotte Hotel, The Westin Josun Busan, Nongshim Hotel, and others.

In May 2024, internationally recognised hotel chains, such as Aman, Rosewood, and IHG Group, announced that they were planning to open brand-new, five-star luxury hotels in Seoul and other major cities of South Korea and capitalise on the post-pandemic surge in tourism. Marriott International Inc. (NASDAQ: MAR), the largest hotel chain in the world, has planned to open a new hotel under Marriott's premium brand of Westin in the second half of this year and take over management of the InterContinental Hotel Seoul in Samseong-dong, Seoul.

By 2027, the Aman Group, a global hospitality company with its headquarters in Switzerland, plans to launch a high-end hotel next to Seoul Station under the Janu brand. Rosewood Hotels & Resorts intends to launch a 250-room hotel at Parkside Seoul. The Homm Hotels & Resorts in Sokcho, Gangwon Province, is set to open in July. This will be the first Homm hotel in Korea and the seventh Homm hotel worldwide for Singapore's Banyan Group, best known for its Banyan Tree Club & Spa. IHG Hotels & Resorts plans to develop a premium hotel under the Voco brand in Myeongdong, central Seoul.

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Market Analysis by Type, and Category:

• The market, on the basis of type, can be divided into business hotels, airport hotels, suite hotels, and resorts, among others.

• Based on category, the market can be divided into chain and independent.

Key Findings of the Report:

• South Korea is witnessing a surge in tourism. In January 2024, South Korea recorded a 33.9% increase from December 2023 in tourism revenue. In 2023, the country recorded 11 million tourists. The growth in the tourism industry drives the South Korea luxury hotels market expansion.

• Luxury hotels provide amenities such as spas, gyms, and wellness centres. Hence, the rise of wellness tourism in the country is positively influencing the market growth.

• Luxury hotels are incorporating pet-friendly practices to gain consumer attention. Such hotels in Seoul include DoubleTree by Hilton Seoul Pangyo, Oakwood Premier Coex Centre Seoul, and Conrad Seoul. Additionally, hotels are incorporating sustainable practices by adopting energy and water efficiency. Some hotels have obtained certifications such as ISO 50001 and ISO 14001.

• Due to the widespread popularity of K-dramas, luxury hotels are advertising through a Korean drama-inspired campaign to gain consumer attention. For instance, in October 2023, luxury hotel brand, JW Marriott, launched a K-drama-inspired campaign, “Stay in the Moment,” starring famous Korean actor Lee-Min-Ho. Such campaign initiatives and investments drive the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea luxury hotels market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types and categories.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea luxury hotels market are Hotel Lotte Co., Ltd., Grand Hyatt Seoul, Conrad Hotels & Resorts, Hanwha Hotels & Resorts, Oakwood Premier, Pyeongchang Alpensia Resort, Josun Hotels & Resorts Inc., and ACCOR SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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