Travelers turn to domestic vacations as Iran war raises airfares
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The Iran war has led to increased airfares, causing travelers to turn to domestic vacations in South Korea. As a result, demand for domestic travel has increased, while long-distance international trips have declined, with travel companies responding by restructuring their product offerings.
Travelers in South Korea are opting for domestic vacations due to rising airfares caused by the Iran war. The won-dollar exchange rate has also been affected, making international travel more expensive. As a result, demand for domestic travel has increased, with travel platform Yeogi Eottae reporting a double-digit increase in domestic travel-related revenue. Long-distance international trips have declined, with Shinsegae Live Shopping reporting no long-haul travel packages scheduled last month. Travel companies are responding by restructuring their product offerings, with a focus on domestic travel and short-haul overseas trips. The increase in domestic travel demand has been ongoing since last year, with the domestic travel experience rate reaching 51.9% in the fourth quarter of last year.
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