Korean travel 19 percent cheaper
The South Korea tourism industry may be concerned about a drop-off in the rate of Chinese visitors. But CLSA Research says the country will remain competitive with other destinations, like Japan, due to competitive pricing.
Comparing the prices of group tours to Korea, Japan, Thailand, Taiwan, Singapore, Indonesia and Vietnam, CLSA said none could compete with Korea on price. According to the analysis, reported in the Asia Gaming Brief, the average daily cost for travel to the abovementioned countries is RMB931 (US$145). Traveling to Korea is RMB754 per day, or 19 percent lower.
“Chinese inbound traffic to Korea and Japan could grow strongly in tandem as both countries are popular destinations, and not alternatives,” according to CLSA. “Considering the recent weak won-Rmb FX rate, we see year-on-year Chinese inbound traffic growth rebounding to over 20 percent soon.”
Chinese tourists are a mainstay of the Korean casino market. In 2015, the Grand Korea Leisure and Paradise casinos in Seoul added floor space to accommodate Chinese visitors. The government estimates that by 2020, 10 million Chinese visitors a year will visit South Korea, up 53 percent from 2012.
