Consumer durables is a cataloguing of consumer goods that are not essential to be bought very often as they are fashioned in a way so as to last for an extended period of time. Profits in the consumer durables sector were most profoundly…
BMI View: Strong growth in major source markets has bolstered the tourism sector in 2016 following an
outbreak of the MERS virus in 2015, which headlined a disappointing year overall. South Korea's
government has been a strong supporter of the industry, and although there has not been major investment
of international groups into the country, the selection of Pyeongchang as host city for the 2018 Winter
Olympics has helped drive foreign direct investment into the country. Cultural influence across pop music
and television has increased South Korea's appeal across Asia, and proximity to China and Japan opens the
country to major regional source markets.
Key Updates And Forecasts
? Ahn Hee-Jung, the governor of Chungnam Province, has announced a partnership with room-sharing
service Airbnb in order to help provide accommodation for South Korea's Sports Festival.
? Vantage Hotels has announced a new hotel in Busan under the Lexington brand. The property is
scheduled to open in late 2017 and is set to have 340 rooms.
? South Korea has recently announced plans to tighten regulation on tourist operators offering low-quality
packages. After complaints began to emerge about the standards of some tour operators, the government
has become much tougher, revoking some licences. It is hoped that an increase in quality will encourage
tourists to travel throughout the country and not just visit Seoul.