Insights

Record numbers of international visitors are coming to Korea, and inbound spending is rewriting the growth equations of five industries: retail, consumer goods, healthcare, hotels, and platforms. Korea received 18,936,562 international tourists in 2025, up 15.7% year on year, and the upward trend continued in January–May 2026 with a further 21.0% increase. Samjong KPMG identifies four drivers of K-tourism's growth: the expanding influence of K-culture, spillover benefits from measures supporting travel to Korea by Chinese tourists, lower perceived prices due to a weaker Korean won, and reduced barriers to travel through the development of platforms such as online travel agencies.

Nationality, travel style, content, and region — inbound tourism evolves along four dimensions. Visitors to Korea are becoming more diverse by nationality, independent travel is increasing, travel content is broadening into beauty, fashion, food, and healthcare, and arrival and travel routes are spreading to regional hub cities. The report identifies four growth opportunities within this change. As channels, shopping lists, and destinations diversify, consumption channels are becoming more segmented, making strategies tailored by nationality and channel a source of competitive advantage. Everyday experiences that let visitors consume “like a Korean” also open a new inbound growth arena for domestic businesses. Special-purpose tourists, including medical visitors, stay longer and spend more, generating high-value demand across multiple industries. Mobile and platform technologies are also linking consumption before, during, and after a visit into one continuous journey.

Industry solutions — turn stores into destinations and hotels into content. Retailers should transform stores from simple shopping spaces into travel destinations in their own right and consider investment in regional hubs and the creation of local landmarks. Consumer goods companies need foreigner-only memberships and purchase-history-based lock-in mechanisms that encourage repeat purchases after visitors return home. Healthcare and wellness providers should move beyond treatment and reframe themselves as “K-wellness retail” channels through packages combining accommodation, shopping, and dining before and after care. Hotels can increase spend per guest by making the property itself a reason to visit Korea through experiential packages combining beauty and gastronomy. Platforms should reduce onboarding barriers and establish market leadership by supporting overseas cards and global payments and integrating transportation, reservations, and payment.

Implications for M&A. First, the spread of demand to regional destinations and growth in longer stays may drive revaluation of hospitality assets such as hotels and resorts and stimulate acquisition and development transactions. Second, inbound-beneficiary consumer sectors such as beauty, medical wellness, and food and beverage are likely to see greater demand for strategic bolt-on acquisitions that combine channels and brands. Third, travel-tech and platform companies linking payment, reservations, and mobility are likely to attract concentrated acquisition and equity investment interest from major retail and financial groups and global online travel agencies.