Consumer spending in the South Korean tourism and leisure sector fell by more than 20 percent last year due to the coronavirus pandemic, a state-funded think tank announced on Monday.

In particular, spending by foreigners in the domestic tourism and leisure sectors fell by nearly 80 percent, and the travel industry has been hardest hit of the relevant industries, the Korea Culture and Tourism Institute said.

Last year, consumer spending in the country’s tourism and leisure industries was estimated at 134.89 trillion won (US $ 121 billion), down 21.8 percent or 37.68 trillion won from the previous year, it said Institute.

Out of total spending, foreign spending fell 76.6 percent to 1.66 trillion won, while local spending fell 19.5 percent to 133.24 trillion won.

Tourism and leisure spending saw the biggest monthly decline from 45.7 percent to 7.54 trillion won in December when the third wave of COVID-19 began here. In March, when the coronavirus began to spread seriously across the country, the decrease rate was 33.5 percent.

According to the institute, consumer spending in the travel industry saw the sharpest decline in the past year, falling 83.5 percent to 407.1 billion won.

The rate of decline for the casino industry was 78.8 percent, compared with 73.5 percent for duty-free retailing, 71.7 percent for the aviation industry, 59.2 percent for the tourist souvenirs and gifts business, and 45.4 percent for the tourist accommodation industry .

Exceptionally, the car rental industry grew by 4.7 percent to 531.7 billion won. All numbers were estimated based on credit card spending by foreigners and local residents. (Yonhap)

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