TravelBI by Turismo de Portugal

Markets

South Korea

Market Characterization for Portugal

In 2024, South Korea positioned itself as the 22nd tourist market for Portugal measured by the overnight stays indicator (share: 0.5%) and the 15th in terms of guests (1.2%). In 2024, the South Korean market recorded around 224,000 guests (var.24/23: +34.3%) who generated 352,900 overnight stays (var.24/23: +32.6%). It stands out as the 26th market in terms of tourist receipts with 97.0 million euros (share: 0.4%), 38.4% more than in 2023.

In terms of overnight stays, Greater Lisbon was the main destination for South Korean tourists visiting Portugal (35.7%), followed by the North (31.7%) and the West (19.5%). In terms of type, overnight stays in hotels predominated (73.9%), followed by local accommodation (18.6%) and apartment hotels (2.8%).

Portugal ranks 36th in total outbound air flows from the market; in this period, the airlines that transported Canadian tourists to Portugal were: Korean Air (share: 69.2%), Ethihad Airways (5.1%), Klm Royal Dutch Airlines (5.1%), Emirates Airline (5.0%), Air France (4.9%). The majority of operations originate in the city of Seoul (98.1%).

It should be noted that South Korean tourists stay an average of 14.8 nights in Portugal (ForwardKeys); the majority buy direct airline tickets (share: 69.5%); and travel as a couple (35.5%).

According to SIBS data, the North will account for 46.0% of the 12.1 million euros in card purchases originating in South Korea in 2024. The West and Tagus Valley comes in 3rd place (share: 3.4%), after Greater Lisbon (44.3%).

2024 Position | Year-over-Year Change

Guests 0.2M 15º | 34.4%

Overnight stays 0.4M 22º | 32.8%

Tourism revenue 97.2M€ 26º | 38.5%

Market Profile

Change 24/23

51.8 M Population

0.1 %

59329.6 USD GDP per Capita

4.9 %

2.5 % Inflation Rate

-1.1 pp

0 Savings Rate

0.0 %

South Korea is an Asian country with 51.75 million inhabitants in 2024 and was the world's 10th largest economy.

According to Globaldata, in 2024 South Korea was the world's 14th largest source market for tourists, generating 30.2 million trips and accounting for 1.9% of total global tourism demand. The largest source region for South Korean tourists to Portugal was Seoul, with a share of 98.1%.

In turn, 98.1% of trips abroad made by South Korean tourists were by air and 1.9% by sea.

Team

claudia.matias@turismodeportugal.pt

Perspectives

IMF projections show that the South Korean economy grew by 1.4% in 2023, due to the current unfavorable international climate: conflict in Ukraine and the Middle East War (Israel), rising energy costs and the cost of other raw materials and intermediate goods. For 2024 and 2025, growth is expected to be higher, in the order of 2.5% and 2.2% respectively.

According to GlobalData, between 2025 and 2028, international departures by South Korean tourists abroad are expected to grow at a CAGR of 4.2%, to reach a total of 35.7 million departures in 2028. Spending by South Korean tourists abroad is expected to increase at a CAGR of 7.8% over the same period.

On September 11, 2024, Korean Air launched a new direct air route between Seoul Incheon and Lisbon, three times a week, contributing to the excellent performance of this market.

Forwardkeys' data on bookings indicates that passenger forecasts from the South Korean market to Portugal for the period from March to August 2025 are expected to show a significant increase (+186.9%) compared to the previous year.

TOP10 destinations: Japan (share: 19.4%), Vietnam (15.4%), USA (8.3%), Philippines (6.6%), Thailand (6.6%), China (4.9%), Taiwan (4.2%), Hong Kong (2.6%), Guam (2.5%) and Malaysia (2.2%). Portugal ranks 20th in the world and 4th in Europe (share: 0.8%).