Can Seoul become a top luxury travel destination?

The Seoul Metropolitan Government made a declaration stating that Seoul is now aiming to position itself within the global luxury tourism market, with plans underway to become one of the world’s premier destinations for luxury holidays.

Luxury tourism, characterized by top-tier services throughout the travel experience, encompasses more than just stays in luxury hotels and first-class air travel. It includes engaging in authentic and unique experiences such as private jet travel, extended stays on luxury cruise liners, visits to exotic ports, enjoying upscale safari destinations, opulent hotel accommodations, tailor-made itineraries, and VIP access to cultural events. The city noted that the growth in this sector is largely driven by younger affluent consumers who prioritize experiences over material goods.

The global luxury travel market is expanding rapidly, making a significant contribution to the worldwide economy. In 2022, the market was valued at approximately 2,301 trillion won ($1.67 trillion) and is projected to grow to $3.7 trillion by 2032, according to a report from Spherical Insights & Consulting.

Historically, Seoul’s tourism industry has been reliant on large groups of spenders from China, targeting mostly mass market and budget-conscious travelers. However, there has been a shift in strategy towards attracting luxury travelers who value exclusivity and personalized services, aiming to enhance the sustainability and development of Seoul’s tourism sector.

Kim Young Hwan, the Director General of Seoul’s Tourism and Sports Bureau, emphasized the ongoing collaborations with both domestic and foreign tourism enterprises to establish Seoul as a high-end tourism destination. Additionally, Mayor Oh Se-hoon has aspirations for Seoul to attract 30 million inbound tourists annually by 2026, with each tourist expected to spend 3 million won and stay for an average of seven days, while achieving a 70 percent revisit rate.

Last week, the city government also conducted the Seoul Luxury Tourism Forum to discuss strategies for boosting Seoul’s tourism competitiveness. The event saw the participation of 100 individuals, including professionals from the tourism industry and academic experts.

A variety of unique experiences contribute to Seoul’s appeal as a capital of luxury tourism. For instance, Onjium, a renowned Michelin-starred restaurant in the trendy Seochon district, offers not only exquisite dining but also a historical journey with its views of Gyeongbokgung. Other Michelin-starred restaurants like Mosu Seoul, Mingles, Kwonsooksoo, and La Yeon, celebrate traditional elements while delivering outstanding cuisine.

Luxury yacht experiences provided by companies like Golden Blue Marina allow visitors to enjoy scenic river cruises, including popular moonlight cruises. Moreover, Seoul offers exclusive accommodations in traditional “hanok” houses, blending the elegance of Korea’s past with modern luxury, exemplified by places like Nostalgia Hanok Hotel and Rakkojae Seoul Bukchon.

Additionally, Seoul provides opportunities for unique experiences such as yoga at the top of Korea’s tallest building, Lotte World Tower, and traditional Korean spa treatments at Sulwhasoo in Gangnam-gu, which utilizes ancient herbal ingredients. Gangnam also stands out as a hub for medical tourism, particularly known for skin treatments and cosmetic surgery, with a significant number of medical tourists visiting the area.

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