How did Korea's pension (private villa rental) industry perform in 2023? What are operators expecting for 2024? We analyzed ONDA data and survey responses from pension operators to highlight the trends worth watching.
Continued from Part 1.
Jeju and Gyeonggi Pensions See Negative Growth
When we isolate pension revenue, the nationwide surge from 2022 slowed dramatically in 2023.
Jeju and Gyeonggi pensions actually shrank year-over-year.
Meanwhile, pool villas—which exploded in South Chungcheong in 2022—kept growing, this time in South Jeolla.
Hospitality Sentiment Better Than 2022
The mood improved in 2023 compared to the tail end of COVID in 2022.
Our survey of hospitality operators shows hotels and large resorts—sectors benefiting from inbound tourism—rated the market especially high.
Smaller properties like pensions, now competing with Japan and Southeast Asia for domestic travelers, expect the squeeze to continue.
Pension Operators Feel Optimistic About Endemic Recovery and the Korean Wave
What's driving positive or negative outlooks?
Endemic recovery and revenge travel were big positives—as was rising global interest in Korea (K-pop, K-dramas).
On the negative side, "outbound travel" dominated responses. Economic anxiety and inflation worries also spiked noticeably.
2024 Forecast for Pensions: Cloudy
Small-property operators are more pessimistic than hotel and resort counterparts.
Likely reasons: fewer inbound tourists reach pensions, and outbound travel keeps stealing share.
Every segment ranked "prolonged recession" as the top concern, so 2024's economic trajectory will matter—a lot—for pensions.
