SEOUL, KOREA - During 2013 the number of inbound foreign tourists has increased, but their spending has declined slightly.

 

According to a report published on December 31 last year by the Korea Culture & Tourism Institute, the number of foreign tourists visiting Korea in 2013 was over 12 million, up 8 percent from the previous year, but their expenditure was 15.47 trillion won, down 3 percent. Per-capita spending has decreased to US$1,130 from $1,207 in 2012.

 

The main reason for the drop has to do with the fact that Japanese tourists, hitherto the biggest spenders, are reluctant to go out and open their wallets due to the weak yen. As spending shrinks, the sum of spillover effect originating from tourism has also declined to 25.57 trillion won last year from 26.41 trillion won in 2012. The number of jobs created in the tourism industry has also diminished to 323,423 from 333,994 in the previous year.

 

The institute said in the report that it is imperative to diversify the tourism market to other regions such as Southeast Asia, Russia, and the Middle East given the share of Japanese tourists accounts for as much as 60 percent.