Korean Hospitality Industry recovers 87% in Q1, 2022
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Korean Hospitality Industry recovers 87% in Q1, 2022

News  
05-13-2022
 
Source: Pixabay

ONDA, which leads the Digitalization of the Hospitality industry, has announced the analysis report for Q1, 2022 for the Korean domestic accommodation industry.

In Q1 of 2022, the hotel and accommodation industry entered a recovery stage as social distancing gradually eased and the expectation for the endemic transition grew.

According to ONDA Stay Index, total sales of the domestic accommodation industry in Q1, 2022 increased by about 87% year-on-year, compared to the first quarter of 2020, when it increased by 150%. As social distancing measures are eased gradually, demand for travel, which has been suppressed for a long time, is analyzed to be a major factor in sales growth in the first quarter.

Jeju Island, which grew significantly last year, also grew 177% year on year this year, solidifying its position as a travel destination to replace overseas travel. As the preference for domestic travel increased due to the prolonged COVID-19, the psychology to find new travel destinations has increased, and Gyeongsangbuk-do has rapidly emerged as a new travel destination connecting Jeju Island with more than double the growth rate. Major cities such as Seoul and Busan rebounded to 197% and 283%, respectively, but it was analyzed that this was due to the base effect caused by the COVID-19 crisis in the Q1 quarter last year.

Most online sales channels grew significantly compared to the same period last year. However, it has been confirmed that the growth of e-commerce platforms is not significant compared to domestic and foreign. In addition, D2C (Direct to Customers) booking has increased significantly to 187.41%. 


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